A London startup behind eCommerce payments technology has secured a massive 拢300 million financing deal.
Specialist FinTech investor Fasanara Capital has committed 拢100m immediately and a further 拢200m when Storfund expands into China following its current pilot.
The funding will be deployed by Storfund to reach its target of 拢5 billion in annual financing for eCommerce retailers by 2024.
The firm says that while eCommerce is growing at blistering speed, hitting 拢3 trillion worldwide in 2020, banking technology cannot keep pace – hence the need for a warehouse line to meet retailers鈥� demand for cashflow services.
Storfund, which secured 拢26.5m, led by Union Bancaire Priv茅e, in February, already offers its services in North America and Europe, with plans to expand to Latin America and Asia Pacific.
It is Amazon鈥檚 only approved global provider of factoring 鈥� immediate payment on sales 鈥� delivering its service in 17 out of Amazon鈥檚 20 marketplaces and has a fast-growing footprint of marketplace partnerships across Europe.
Storfund supports retailer growth by enabling them to restock faster and build their product catalogues, which in turn translates into growth for the marketplace.
鈥淔rom the earliest conversations with Fasanara, it was clear they saw the scale of the opportunity that Storfund has. Coming from such a well-established investment house, this was a real pat on the back,鈥� said George Brintalos, CEO.聽
鈥淭his deal means we will be able to satisfy increased demand in the US and Europe and drive Storfund鈥檚 expansion into Latin America and Asia Pacific.鈥�
Fasanara Capital CEO Francesco Filia added: 鈥淪torfund is a true tech-first company, capable of delivering globally; it just needs the funds to reach scale.聽
鈥淭hey鈥檝e built their brand on transparency, particularly on pricing, and on international reach which has helped them win large, experienced retailers as clients.鈥�