UK-based online marketplace OnBuy is looking to maintain its impressive growth by offering a stake in the company to all of its 100+ employees. The company is on track to be UK’s next tech unicorn after recording 200% revenue growth in the last 12 months.
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OnBuy had an extremely successful month with Black Friday weekend sales alone increasing 25% Year-over-Year (YoY).
As the company continues to grow consistently, the reward of equity to its employees comes at a pivotal time as OnBuy prepares to expand internationally. OnBuy will grant over £1 million in share options to staff, giving them the opportunity to be direct beneficiaries of the company’s future success.
Founded by British entrepreneur Cas Paton in 2016, OnBuy has been reinventing the online marketplace model for retailers looking for an alternative to Amazon, eBay, and others to sell their products.
Today, there are over 36 million listings on OnBuy’s growing platform and the company has committed to being a fair partner to seller from day one.
Unlike other major marketplaces, it does not create its own product lines that compete directly with sellers. Instead, OnBuy offers a flat fee structure across the board and it even sacrificed 85% of its seller fees to subsidize discounts on Black Friday to enable sellers to offer great promotions without losing profits.
To recognize the commitment and hard work of its staff, each employee at OnBuy will be rewarded with share options in the company equivalent to around 25% of their annual income that can be exercised during any liquidity event.
With an anticipated IPO in the next two years, staff are set to benefit sooner rather than later.
“At OnBuy, we do the right thing by our retailers and customers, so it’s natural that we would do the right thing by our staff too – and we don’t believe any employee should have to be in the boardroom to benefit from company growth. eCommerce is a fast-paced 24 hour business and many firms have been in the spotlight recently for poor working practices and in some cases, downright abuse of staff.”
“Frankly this is unacceptable and at OnBuy, we are committed to creating a fair and transparent working environment for all. We want to show that working for an e-commerce giant can be a hugely positive experience and our team is absolutely vital to our future success. We want to reward hard work financially, showing employees that they aren’t just a cog in the machine.”Cas Paton, CEO & Founder of OnBuy
OnBuy Strong Finish to 2021
OnBuy is finishing 2021 strong with the company gaining recognition in Deloitte’s Fast 50 as the fastest growing company in the South West and Wales, and Paton winning the Regional Scale-Up Entrepreneur award at the Great British Entrepreneur Awards in November.
As a result of the ongoing success, the company has grown its team to more than 100 employees requiring relocation to new, larger offices in Bournemouth.
In addition to its international expansion in the coming months, as well as the launch of a much anticipated mobile app, OnBuy’s team is set to grow further and reach many more business milestones.
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