Fintech aims to provide $ 1 billion in cash advances to Amazon’s army of small businesses

0



A London-based fintech has set out to provide $ 1 billion in cash advances to e-commerce merchants selling on Amazon and other online marketplaces.

Founded in 2018, Storfund offers an end-to-end solution to stabilize cash flow, providing entrepreneurs with the liquidity they need to naturally grow their business.

According to a recent poll 24% of UK businesses report late payments as a threat to their survival, the highest level reported in Europe.

Storfund mitigates this risk by logging into the seller’s account directly and can be activated and deactivated at any time – providing funds for a nominal fee to cash-strapped businesses as and when they need it.

Former investment banker George Brintalos, who founded the company in 2018 alongside Akbar Ahsan, explains: “Storfund bridges the gap between e-commerce and capital, which is under-served by traditional banks that are either too rigid to adapt or withdraw from the SME sector. .

“We’re here to meet the capital needs of this new category of entrepreneurs, providing them with the liquidity they need to naturally grow their businesses, without adding unnecessary debt to their balance sheets or diluting their share capital. ”

After encouraging initial growth, the e-commerce solution recently announced that it had raised $ 36.5 million in capital through the Private Debt team of Swiss bank Union Bancaire Privée (UBP) and private investors.

Between December 2019 and December 2020, it experienced remarkable 1,200% growth in its business, a trajectory it expects to maintain over the next two years as more and more people shop online.

This year, Storfund aims to provide $ 1 billion in cash advances to e-commerce merchants selling on Amazon and other European, American and Asian markets, alleviating the “pain of long payment terms” and providing “capital growth to e-commerce merchants, ”according to Ahsan.

Related: Household Savings Rise By £ 20.9 Billion Despite Historically Low Interest Rates



Share.

Comments are closed.