OnBuy marked its first ever profitable month in October and is also forecasting a profitable quarter.
Although the marketplace did not reveal specific figures, it claimed it had continued to see impressive year-on-year results following a range of new releases and optimisations across its platform.
The news comes as the company’s CEO and founder Cas Paton confirmed OnBuy had secured strategic investment from a Nasdaq-listed global tech firm to accelerate its global expansion and UK growth.
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The business has invited its existing shareholders to invest in the next stage of its growth, with the marketplace aiming to deliver the first wave of its global roll-out in 2024.
Paton said: “This year has been a complete transformation for OnBuy. We are in the strongest position we have ever been in.
“This has allowed us to secure strategic investment from new and existing parties that will help us to ‘scale out’ at pace. We’re also exploring the possibility of opening a small round for external investors, our sellers and customers via crowdfunding”.
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