1stdibs Tasks Hyperwallet with Outbound Payments to Worldwide Dealer Network
San Francisco, California – Hyperwallet, a top global payouts provider to the new economy, today announced that it has added 1stdibs, the leading luxury marketplace for furniture, art, and design, to its growing list of ecommerce platform clients. Hyperwallet will handle 1stdibs’ payouts to dealers located in 18 countries, and will support 1stdibs’ continued expansion into additional markets.
The 1stdibs marketplace connects millions of collectors and interior design professionals around the world with a strictly curated group of high quality dealers and galleries. The 1stdibs ecommerce platform simplifies discovering, purchasing, and shipping the most beautiful things on earth. With sales increasing over 100% annually for the past three years, helping sellers quickly receive payment for their goods is critical, and supporting the growth of these small businesses is instrumental to the success of the entire ecosystem.
“Hyperwallet is an ideal partner for a high-growth marketplace like ours,” said Richard Pham, CFO, 1stdibs. “The Hyperwallet platform can help us deliver payments to our dealers and galleries quickly–supporting both their cash flow and business success. Helping our customers grow is our most critical focus.”
“1stdibs is a tremendous role model to other marketplaces in this new economy,” said Brent Warrington, Hyperwallet’s CEO. “Beginning with an exclusive selection of sellers and an ambitious vision, 1stdibs rapidly built itself into a top online destination for dealers and collectors of unique furniture and other luxury items. Hyperwallet is proud to be a part of the 1stdibs story, and to have 1stdibs become a part of ours.”
1stdibs will transition its dealer payments to the Hyperwallet platform this summer, offering check, ACH, and wire methods through Hyperwallet’s payout portal. Hyperwallet will also provide KYC and 1099 tax services, further simplifying the payout process for 1stdibs.