- Storfund, which is based in London and has seen very high rates of growth in recent years, said that it had received tens of millions of dollars in funding from a variety of providers – one of which is the Swiss bank Union Bancaire Privée (UBP).
- It is believed that the firm will put the funding towards an expansion of its service reach.
- A senior figure at the firm explained its business model, pointing out that it was a provider of liquidity for marketplace sellers rather than a typical balance sheet debt provider.
A leading firm in the e-commerce funding and payments sector has revealed that it has raised millions of dollars in capital.
Storfund, which is a tech-driven provider of working capital and payments services to sellers in marketplace contexts across the internet, has raised the money with the help of a Swiss bank.
In total, it has secured US$36.5m, which has come both from unnamed investment sources and the Union Bancaire Privée (UBP) bank.
In the latter’s case, the money will be provided as private debt.
It means that Storfund will be able to move further afield in its pursuit of new clients.
Storfund works through an application programming interface (API).
This API works by improving the efficiency of the seller’s accounting process, and offers both working capital to cover obligations while also allowing international money transfers.
These transfers can be made in more than 50 global currencies.
It was only launched back in 2019, and since then it has rapidly ascended to the top of the e-commerce funding payments tree in Europe.
Overall, it has experienced a growth rate in excess of 1000%.
It also enjoys the distinction of being the only funding provider to be given the green light by Amazon.
The firm is based in London.
In a statement, one of the firm’s co-founders said that Storfund had spotted a gap in the market in which traditional capital providers did not want to extend funding opportunities to marketplace sellers.
George Brintalos said in his statement that his firm is a provider of liquidity, not of debt – and that it was not out to take share capital.
“Storfund bridges the gap between eCommerce and capital, which is under served by traditional banks which are either too rigid to adapt or are withdrawing from the SME sector,” he said.
“We are here to address the capital needs of this new category of entrepreneurs, providing them with the liquidity they need to naturally grow their business, without adding unnecessary debt on their balance sheet or diluting their share capital base,” he added.
According to figures, e-commerce has become a significant driver of economic growth in recent years.
It is now responsible for around 22% of the consumer shopping sector across the globe.
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