A London startup behind eCommerce payments technology has secured a massive £300 million financing deal.
Specialist FinTech investor Fasanara Capital has committed £100m immediately and a further £200m when Storfund expands into China following its current pilot.
The funding will be deployed by Storfund to reach its target of £5 billion in annual financing for eCommerce retailers by 2024.
The firm says that while eCommerce is growing at blistering speed, hitting £3 trillion worldwide in 2020, banking technology cannot keep pace – hence the need for a warehouse line to meet retailers’ demand for cashflow services.
Storfund, which secured £26.5m, led by Union Bancaire Privée, in February, already offers its services in North America and Europe, with plans to expand to Latin America and Asia Pacific.
It is Amazon’s only approved global provider of factoring – immediate payment on sales – delivering its service in 17 out of Amazon’s 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.
“From 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,” said George Brintalos, CEO.
“This deal means we will be able to satisfy increased demand in the US and Europe and drive Storfund’s expansion into Latin America and Asia Pacific.”
Fasanara Capital CEO Francesco Filia added: “Storfund is a true tech-first company, capable of delivering globally; it just needs the funds to reach scale.
“They’ve built their brand on transparency, particularly on pricing, and on international reach which has helped them win large, experienced retailers as clients.”