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 in order to enhance the support it provides on its platform.
Storfund reportedly offers cash flow solutions to sellers on almost 50 marketplaces globally, such as Amazon, TikTok Shop, Back Market, Kaufland and many of the platforms powered by Mirakl.
Its engaged client base is now looking to Storfund for “complementary services” to help them grow.
Storfund’s Chief Revenue Officer Oliver Whelan, said that Storfund sits at the intersection of financing, payments and technology; by adding new services which amplify their cash flow solution, they are creating a “fully comprehensive platform” for sellers.
They added that Mangopay’s capabilities make it the “ideal partner to elevate the Storfund platform to the next level.”
Via the collab with Mangopay, sellers on Storfund’s platform can aim to benefit from payment and treasury solutions to manage pay-ins, payouts and hold balances.
As stated in the update, Storfund will reportedly be advancing funds to a new embedded wallet that is being powered by Mangopay, thus enabling sellers to access funds quicker, then convert them into various currencies and pay suppliers locally, or choose to simply transfer to their banking accounts.
Earlier, Storfund marke a key milestone when it reached €1 billion in financing to sellers, as a number of SMEs adopt cash flow solutions as opposed to traditional forms of financing (like credit or loans).
With over 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.”
Storfund provides up to €6 billion per year to sellers on Amazon, TikTok Shop, Back Market, Kaufland and many of the platforms “powered by Mirakl. Our mission is to make ecommerce cash flow.”
They started Storfund with a “simpl”e idea: marketplace sellers “should get paid immediately for their sales, just like traditional retailers.”
Marketplaces are responsible for more than 50% of purchases in a global industry “worth $5 trillion, but sellers wait between 7 and 45 days to get paid. Storfund pays sellers on the day that they ship.”
Established back in 2013, Mangopay enables the platform economy with its modular payment infrastructure.
Built around its programmable e-wallet solution, Mangopay’s end-to-end infrastructure covers platform payment needs, from pay-in and payout to comprehensive fraud prevention and FX, for many business models and workflows.
The company claims that it has more than 250 million end users of its services and has processed €100bn+ in transactions since launch.