Storfund, Mangopay launch embedded wallet solution for marketplace sellers
By Gloria Methri
FinTech Storfund has deepened its partnership with Mangopay, a modular and flexible payment infrastructure provider for platforms. Building on its existing partnership, Storfund will now leverage Mangopay’s embedded wallet, local accounts, and FX solutions to boost the support it offers on its platform.
Storfund provides cash flow solutions to sellers on almost 50 marketplaces globally, including Amazon, TikTok Shop, Back Market, Kaufland and many of the platforms powered by Mirakl.
Commenting on the partnership, Storfund’s 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.”
Through the partnership with Mangopay, sellers on Storfund’s platform will benefit from a range of payment and treasury solutions to manage pay-ins, payouts, and hold balances. Storfund will advance funds to a new embedded wallet powered by Mangopay, allowing sellers to access funds faster, convert them into multiple currencies, pay suppliers locally, or transfer them to their own bank account.
With more than 50% of Storfund’s clients trading internationally, embedding Mangopay means they will benefit from simplified and more cost-effective FX management, the ability to convert funds into multiple currencies within the wallet at a rate which is guaranteed for fixed periods, and local, instant payouts.
Mark Fleming, Chief Commercial Officer at Mangopay, 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 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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