Storfund & Mangopay to ease cash flow for marketplace sellers
By Gloria Methri
Mangopay has partnered with FinTech innovator Storfund to help marketplace sellers eliminate the standard 10-30 day wait time for payment of their sales, by getting paid on the day that they sell.
Through the collaboration, marketplaces can offer sellers on their platform the opportunity to activate immediate payment for sales. This in turn can rapidly improve cash flow for businesses selling on marketplaces, giving them increased flexibility and the ability to restock on a more regular basis.
Delays in receiving payments can leave sellers without the funds they need to run their businesses. The solution offered to Mangopay customers through the new partnership with Storfund can help sellers scale their businesses and increase turnover, supporting the growth of marketplaces.
London-based Storfund launched in 2018 to increase cash flow for sellers, particularly in peak shopping periods such as the final quarter of the year. It has since expanded its services into over 30 countries as the marketplace industry and the number of seller businesses has continued to grow.
Mangopay has been providing its modular payment infrastructure to marketplaces since 2013. Its modular solution is designed so that marketplaces can select and create a specific payment infrastructure to meet their needs.
George Brintalos, Founder and CEO at Storfund, said, “Storfund and Mangopay are two companies that are driving innovations that are helping to fuel the growth of the platform economy, whether that’s sellers who are looking to scale their business, or the marketplaces themselves. Here at Storfund, we have a mantra of ‘win-win e-commerce’ – by supporting the growth of the marketplace seller, we can also support the growth of marketplaces. We are excited to open these growth opportunities to more marketplaces through our new partnership with Mangopay.”
Romain Mazeries, CEO at Mangopay, said, “At Mangopay we have a relentless focus on innovating on behalf of our customers – whether that’s new cross-border payment capabilities, sophisticated fraud prevention technology or partner integrations available through our modular approach that bring opportunities to drive business growth. By introducing immediate payments and an answer to cash flow challenges, Storfund is the latest partner solution in our ecosystem that can help our marketplace clients and their seller businesses to scale.”
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