Fintech Storfund has deepened its partnership with Mangopay, a modular and flexible payment infrastructure provider for platforms.
Building on the two companies’ established partnership, Storfund will now leverage Mangopay’s embedded wallet, local accounts, and FX solutions to boost the support it offers on its own platform.
Storfund provides cash flow solutions to sellers on almost 50 marketplaces globally, including Amazon, TikTok Shop, Back Market, Kaufland and many of the platforms powered by Mirakl. Its highly engaged client base is increasingly looking to Storfund for complementary services to help them grow.
Commenting on the partnership, Storfund’s Chief Revenue Officer Oliver Whelan, says: “Storfund sits at the intersection of financing, payments and technology; by adding new services which amplify our cash flow solution, we are creating a fully comprehensive platform for sellers. Mangopay’s capabilities make it the ideal partner to elevate the Storfund platform to the next level.”
Through the partnership with Mangopay, sellers on Storfund’s platform will benefit from a range of payment and treasury solutions to effectively manage pay-ins, payouts and hold balances. Storfund will advance funds to a new embedded wallet powered by Mangopay, allowing sellers to access funds faster, convert them into multiple currencies and pay suppliers locally, or transfer to their own bank account.
Earlier this year Storfund celebrated a major milestone when it hit €1 billion in financing to sellers, as a growing number of sophisticated SMEs adopt cash flow solutions as opposed to traditional forms of financing such as credit or loans.
With more than 50% of Storfund’s clients trading internationally, embedding Mangopay means they will benefit from simplified and more cost effective FX management, the ability to convert funds into multiple currencies within the wallet at a rate which is guaranteed for fixed periods of time, and local, instant payouts.
Mark Fleming, Chief Commercial Officer at Mangopay, adds: “At Mangopay we are focused on driving business growth, both for the platforms we serve and their users. We do this by simplifying complex payment processes and enabling platforms to create the payment flows they need to succeed. Storfund is a business with an incredibly exciting opportunity, and we are delighted to support them on their mission to improve cash flow challenges and power growth for marketplace sellers everywhere.”
