Ecommerce financer Storfund provides €825 million of funding
Storfund, which shortens the cash cycle of online sellers, secured 30 million euros of capital from the Private Debt team of Swiss bank Union Bancaire Privée (UBP) and private investors. This year, the company wants to provide 1 billion dollars (825 million euros) of cash advances to online marketplace merchants.
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Storfund, founded in 2018, says it will use the fresh investment to expand its global operations and help marketplace merchants access working capital and unlock liquidity. Last year, the funder saw a 1200 percent growth and it thinks it can continue this growth for the next two years.
Present in 15 out of 18 Amazon marketplaces
Currently, the funding provider is present in 15 out of 18 Amazon marketplaces, as well as in some other leading ecommerce websites across Europe. Later this year, it wants to roll out onto several other popular online marketplaces in Europe.
“Storfund bridges the gap between ecommerce and capital, which is underserved by traditional banks which are either too rigid to adapt or are withdrawing from the SME sector”, co-founder George Brintalos says. “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.”
We bridge the gap between ecommerce and capital.