eCommerce marketplace OnBuy has announced record growth figures. The firm reports that the end of its fourth fiscal year (2020) revealed a record 24,000% gross merchandise volume growth.

The online marketplace offers retailers a platform to sell their products to buyers, and has seen exponential growth in the past few years.

The firm announced a 600% revenue growth in 2020 for the second consecutive year,  which follows a 500% increase from 2017 to 2018.

To accommodate this growth, OnBuy has tripled its workforce to over 50 full-time staff.

OnBuy’s founder and CEO, Cas Paton said the company is projecting a turnover of £2bn in sales by 2024, and is set to claim 3-5% of the £84bn UK eCommerce market in the next three years.

“These incredible growth figures are evidence that the market desperately needed a marketplace like OnBuy that, through creating an eCommerce ecosystem that benefits online retailers and customers equally, can provide a sustainable long-term solution to selling and shopping online,” he said.