UK Start-Up Storfund Wins £ 300million ($ 410million) Ecommerce Finance Deal | Your money
LONDON – (BUSINESS WIRE) – October 26, 2021–
E-commerce is growing at a breakneck pace, reaching £ 3 trillion globally in 2020 1. But despite its size, rapid growth, and the potential value of the sector to financial services companies, e-commerce is growing. is simply being developed too quickly for banking technology to keep pace.
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George Brintalos, CEO and co-founder of Storfund (Photo: Business Wire)
The transaction led by Fasanara Capital includes a warehouse line of £ 100million of committed funds and can be scaled up to £ 300million. It will enable Storfund to meet the strong demand from e-merchants for treasury services, particularly in China where Storfund is piloting its service this fall.
The deal represents a mega-raise for the £ 26.5million-led start-up, led by Union Bancaire Privée (UBP), during its final roundtable in February.
The potential impact is significant given Storfund’s unique global reach. It already offers its services to e-commerce retailers in North America and Europe; and this new agreement will support the expansion of its service to e-commerce retailers based in Latin America and Asia-Pacific.
Storfund is the only global authorized Amazon factoring provider – immediate pay on sales – offering its service in 17 of Amazon’s 20 marketplaces and has a rapidly growing footprint of marketplace partnerships across the world. ‘Europe.
Almost 50% of online purchases globally are made at marketplaces 2, but retailers struggle with exceptionally long payment cycles as marketplaces withhold payments from consumers to facilitate returns and returns. refunds. The investment will be deployed by Storfund to increase cash flow for retailers, closing the gap between sale and payment.
Marketplaces that integrate with Storfund can offer their retailers better payment terms – a key factor for retailers when deciding where to grow in the ever-increasing competitive market landscape. Storfund supports the growth of retailers by allowing them to restock faster and build their product catalogs, which in turn translates into growth for the market. Storfund has a rapidly growing pipeline of marketplaces that strive to integrate their service.
“From the first conversations with Fasanara, it was clear that they saw the magnitude of the opportunities offered to Storfund. Coming from such a well established investment firm, it was a real pat on the back, ”said George Brintalos, CEO. “This agreement means that we will be able to meet increased demand in the United States and Europe and stimulate Storfund’s expansion in Latin America and Asia-Pacific. “
Fasanara Capital, a pioneer and leader in fintech finance, has invested heavily in e-commerce lending platforms in recent years. “Storfund is a true technology-driven company capable of delivering globally; it just needs the funds to reach the ladder, ”said Fasanara Capital CEO Francesco Filia. “They have built their brand on transparency, especially on pricing, and on international reach which has helped them gain large, experienced retailers as customers.”
The founders of Storfund formed the company in 2018 to bring what is a common finance product to e-commerce. As a still young industry, e-commerce is underserved by traditional banks and capital providers who lack the technology and risk management tools to integrate into markets and meet the needs of commerce retailers. electronic.
“Marketplaces have been the big winners in the rise of electronic commerce; they provide an unmatched platform for retailers of all sizes to grow around the world and they’ve built the infrastructure to support that – but they know their retailers can’t thrive without cash and quick access to it. money, “said Akbar Ahsan, co-founder,” it is the demand on both sides – the retailers and the markets – that makes Storfund’s service so attractive. “
Storfund has built its growth on providing frictionless capital to e-commerce retailers and on integrating its service into global markets and expects that growth to accelerate, with several important announcements to come.
Storfund is a global fintech with a mission to democratize the capital of retailers in the e-commerce market. Established in London in 2018, the concept is simple ‘Sell today, get paid today’.
The success of e-commerce marketplaces has created tremendous growth opportunities, and with it, the need for cash. By eliminating payment delays in marketplaces, Storfund enables retailers to restock faster, negotiate better terms with suppliers and plan more efficiently. Storfund’s proprietary technology integrates with markets, enabling automatic payments every day.
Storfund is Amazon’s only approved global supplier, providing services in 17/20 Amazon marketplaces and has a rapidly growing presence in other marketplaces, with partnerships across the globe.
1 Adobe Digital Economy Index, 2021
2 Salesforce, 2019
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CONTACT: Hana Graham
KEYWORD: CHINA EUROPE UNITED KINGDOM ASIA PACIFIC
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PUB: 10/26/2021 3:20 PM / DISC: 10/26/2021 3:21 PM
Copyright Business Wire 2021.