Payment service provider and solutions app Moneff has acquired StormPay, a financial lifestyle app for businesses and retail customers.
The acquisition will provide Moneff with greater access to the B2C market, whilst setting out to further develop StormPay’s capabilities, customer experience and strength.
With Moneff as its new parent company, the StormPay brand and mission will remain unchanged, say the companies. Their teams will merge, sharing insights and technological knowledge while streamlining both companies’ service offerings.
Moneff CEO and founder Sanjar Mavlyanov will assume a dual role as CEO across both brands.
“The value StormPay brings to its customers and to the industry has always been clear to us at Moneff,” said Mavlyanov. “The brand continued to grow, as did its value, and we felt strongly that we could provide even more support under an acquisition.
“As a dual-licenced e-money institution, our objective now is to expand access to StormPay’s services so even more customers can strengthen their financial management, and improve their wellbeing.”
Founded in 2016, Moneff provides SMEs, small businesses, and sole traders access to a range of solutions, including free multi-currency business accounts, transfers with competitive FX rates, card issuing, and online payment processing services.
The company, which rebranded from ‘Safenetpay’ to Moneff in September 2022, has long been a key stakeholder in StormPay.
Otabek Nuritdinov, co-founder of StormPay, is set to step down as CEO, but remains the head of business development at Moneff.
“When I first developed StormPay in 2020, the concept felt like a simple but important one,” said Nuritdinov. “Support the wellbeing of Millennials and Gen Z’ers everywhere through greater financial management.
“I saw the potential of greater financial strength – for individuals and for a generation. I’m extremely proud to see StormPay go from an idea to a product, to now a viable and valuable market asset.
“StormPay’s original, core vision will not only continue to live on, but it will expand with the support of Moneff as its parent company. I can confidently and assuredly pass on this company and its incredible team to Sanjar, knowing it will only go from strength to strength.”
Headquartered in London, Moneff also has offices located in Denmark and Uzbekistan.