Europe’s leading eCommerce financer announces $36.5 million capital raise
Storfund to provide over a $1 billion of funding in 2021
Founded in 2018, Storfund is a technology driven global eCommerce funding enterprise. Storfund announced it has raised $36.5 million of capital through the Private Debt team of Swiss bank Union Bancaire Privée (UBP), and private investors. This fresh investment will be used to expand Storfund’s global operations and help marketplace merchants access working capital and unlock liquidity.
In its initial 18 months of operations, Storfund has enjoyed rapid growth, fast becoming Europe’s leading eCommerce funder – a feat that saw the business break even in its first six months. Between December 2019 and December 2020 Storfund saw a 1200% growth and expects to continue this growth trajectory for the next two years. This year, Storfund aims to provide $1 billion of cash advances to eCommerce merchants selling on Amazon and other European, American, and Asian marketplaces.
The only European Amazon approved funding provider, Storfund has a presence in 15 out of Amazon’s 18 marketplaces. It is also integrated into other leading European eCommerce sites and is due to be rolled out onto several other marketplaces during 2021.
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.
eCommerce is now an indispensable part of the global retail framework. Like many other industries the pandemic has reshaped the retail landscape and accelerated its exponential transformation. 2020 saw global eCommerce surpass $3.5 trillion in sales, accounting for 22% of the entire global retail market.
Storfund was conceived by former investment bankers George Brintalos and Akbar Ahsan. Together they recognised the unique financial needs of eCommerce merchants. George Brintalos said: “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. 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 added:
“Storfund uniquely understands the cashflow challenges of eCommerce merchants and offers a frictionless liquidity solution for the digital age. We are pleased that investors have seen the value of Storfund’s tech-first approach which combined with our real time risk management puts us at the forefront of our industry. This investment round will accelerate our scale up and help us in our mission to alleviate the pain of long payment terms and provide growth capital to eCommerce merchants.”
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.”