Storfund and Mangopay have further solidified their partnership by introducing an embedded wallet solution designed to streamline payment processes and currency conversion for marketplace sellers.
Storfund, a FinTech company, offers innovative cash flow solutions to marketplace sellers, servicing almost 50 marketplaces globally including Amazon and TikTok Shop. Mangopay, on the other hand, is a flexible payment infrastructure provider that empowers the platform economy with modular solutions tailored for complex payment processes.
The partnership between Storfund and Mangopay is designed to enhance Storfund’s service offering by integrating Mangopay’s embedded wallet, local accounts, and FX solutions. This collaboration aims to simplify payments and currency conversion processes for marketplace sellers, boosting their ability to manage finances more effectively.
Storfund provides crucial financial services, advancing up to €6bn annually to marketplace sellers. Their mission is to ensure sellers receive immediate payment upon shipping, mirroring the traditional retail payment model. Mangopay, established in 2013, provides a comprehensive payment infrastructure that includes pay-in, payout, fraud prevention, and FX management. It supports over 250 million end-users and has processed over €100bn in transactions.
Through the partnership, Storfund will leverage Mangopay’s technology to offer sellers on its platform enhanced payment and treasury solutions. This includes faster access to funds, the ability to convert funds into multiple currencies, and make local payments efficiently.
Storfund recently reached a significant milestone by providing €1bn in financing to sellers. Over 50% of Storfund’s clients engage in international trade, benefiting significantly from the embedded Mangopay solutions that offer cost-effective FX management and guaranteed rates for fixed periods.
Storfund Chief Revenue Officer, Oliver Whelan, said, “Storfund sits at the intersection of financing, payments and technology; by adding new services which amplify our cash flow solution, we are creating a fully comprehensive platform for sellers. Mangopay’s capabilities make it the ideal partner to elevate the Storfund platform to the next level.”
Mangopay’s Chief Commercial Officer, Mark Fleming, added, “At Mangopay we are focused on driving business growth, both for the platforms we serve and their users. We do this by simplifying complex payment processes and enabling platforms to create the payment flows they need to succeed. Storfund is a business with an incredibly exciting opportunity, and we are delighted to support them on their mission to improve cash flow challenges and power growth for marketplace sellers everywhere.”
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