Payment infrastructure provider Mangopay is partnering with fintech Storfund to reduce the 10-30 payment waiting time on sales for marketplace sellers.
The collaboration will enable marketplaces to offer sellers the opportunity to activate immediate payment for sales, improving cash flow for businesses and giving them increased flexibility to restock regularly.
Delays in receiving payments have often been an issue leaving sellers without the funds they need to run their business. The solution offered to Mangopay customers through the new partnership with Storfund aims to help sellers to scale their businesses and increase turnover, supporting the growth of marketplaces and the platform economy as a result.
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.”
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.
George Brintalos, Founder and CEO at Storfund, added: “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.”