E-commerce boost: London fintech Storfund that funds online merchants secures £26.5M funding
The global pandemic situation brought many changes to the retail industry that might last forever. While traditional retail shops faced a hammering, e-commerce soared in 2020 and it was a bumper year for Amazon, eBay, Estey, etc. 2020 saw global e-commerce sales surpass $3.5T (nearly £2.55T), which is 22% of the entire global retail market. Cashing in on this situation, London-based fintech Storfund, which is a technology-driven global e-commerce funding enterprise eyes to grow.
Funds to expand global operations
Storfund announced that it secured $36.5M (nearly £26.5M) capital from the Private Debt team of Swiss bank Union Bancaire Privée (UBP) and private investors. The company will use this fresh investment to expand its global operations and help marketplace merchants gain access to working capital and unlock liquidity. As of now, this fintech is available in 15 out of 18 marketplaces of Amazon. Also, it is integrated into other leading European e-commerce sites and is due to be rolled out onto several other marketplaces during 2021.
George Brintalos, co-founder at Storfund 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.”
Akbar Ahsan, another co-founder of Storfund added: “We are pleased that UBP saw the value of Storfund’s tech-first approach which combined with our real time risk management puts us at the forefront of our industry.”
Colin Greene, Head of Private Debt at UBP said: “Fintech and e-commerce are generating attractive financing opportunities. We are pleased to work with Storfund and support the financing they provide to SMEs who sell through e-commerce marketplaces.”
Leading e-commerce funder in Europe
Storfund was formed by former investment bankers George Brintalos and Akbar Ahsan as they recognised the unique financial needs of e-commerce merchants. In 18 months of its launch, this fintech company witnessed rapid growth and became a leading e-commerce funder in Europe. To be precise, between December 2019 and December 2020, Storfund achieved 1200% growth and it is expected to grow further in the next two years.
Interestingly, Storfund aims to provide cash advances of up to $1B (nearly £0.73B) to e-commerce merchants selling on Amazon and other European, American, and Asian marketplaces. Also, it is the only funding provider approved by European Amazon.
By combining access to working capital and international cross-border payments in over 50 currencies, London-based Storfund provides eCommerce sellers around the world with an end-to-end solution for stabilising cash flow, accelerating growth and increasing profitability from their local and international sales.