Mangopay partners with Storfund to offer marketplaces an embedded cash flow solution for their sellers
New partnership offers marketplace sellers same-day payments for sales, improving cash flow and helping businesses to scale
Jan 16, 2024
January 16 2024; Paris, France: Mangopay, a modular and flexible payment infrastructure provider for marketplaces and platforms, announces that it has partnered with fintech innovator Storfund to offer marketplace sellers the opportunity to eliminate the standard 10 - 30 day wait for payment for 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 business. The solution offered to Mangopay customers through the new partnership with Storfund can help sellers to significantly scale their businesses and increase turnover, supporting the growth of marketplaces and the platform economy as a result.
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. Flexibility is at the heart of its approach, and its modular solution is designed so that marketplaces can select and create a specific payments infrastructure to meet their needs.
George Brintalos, Founder and CEO at Storfund, said: “Storfund and Mangopay are two companies which are driving new 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 ecommerce’ - by supporting the growth of the marketplace seller, we can also support the growth of marketplaces. We are excited to open up 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 has the ability to help our marketplace clients and their seller businesses to scale.”
Storfund makes ecommerce cash flow. Ecommerce has a cash flow problem – and in an industry worth $5 trillion, that matters. Marketplaces are responsible for over 50% of purchases worldwide but sellers experience long waits to get paid. Storfund pays sellers for what they sell, on the day they sell. Founded in London in 2018, we can provide up to £5 billion per year to sellers on Amazon, Back Market, Kaufland and many others. www.storfund.com
Mangopay empowers the platform economy with its modular payment infrastructure. Created in 2013, Mangopay has supported 2,500+ platforms and marketplaces. Built around its programmable e-wallet solution, Mangopay’s end-to-end infrastructure covers platform payment needs, from pay-in to payout, for many platform business models and workflows. In March 2023, Mangopay was named “Best Platform and Marketplace Provider” at the Merchant Payments Ecosystem (MPE) Awards for providing best-in-class payment services to marketplaces and platforms and in October 2023 it was named one of FXC Intelligence’s most promising cross-border payment companies. www.mangopay.com