Nigerian decentralized cross-border lending fintech startup Storspay has secured $320,000 in a funding round to improve the financial well-being of business owners across the world.
The company also announced via Twitter that the startup will be participating in the prestigious Techstars New York accelerator powered by J.P Morgan, while noting that Storspay was in the top 1% of applicants selected for the exclusive program. The 13-week fundraising and mentorship program is for startups seeking to accelerate their growth and raise their next round of funding.
We are excited to announce that Storspay is participating in the prestigious Techstars New York accelerator powered by J.P. Morgan. We were in the top 1% of applicants selected for the exclusive program.
Read more here – https://t.co/XMX4P9snXx#defi #storspay pic.twitter.com/DSzMOASR8z
— StorsApp_Inc (@StorsappI) April 3, 2023
Speaking on the mission of the company, Storspay CEO Sam Alonge said,
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“At Storspay, our mission is focused on enabling economic well-being for everyday people across the world. Inflation continues to eat away at the savings of ordinary people in North America and small business owners in emerging economies continue to face the daily frustrations of not finding the capital they need at affordable rates to successfully grow their businesses.
“We believe at Storspay that we can make an outsized economic and social impact by building a decentralized retail lending platform that uses stablecoin to share prosperity across the world. We will enable ordinary people on one side of the world to support other ordinary people in another part of the world and make more money while at it.”
Located in Toronto, Ontario, Canada, StorsPay’s goal is to enhance the financial well-being of business owners globally by offering a decentralized lending infrastructure for the Internet. The platform allows them to exchange capital instantly and securely across borders to finance their working capital inventory.
Storspay APIs and software automate lending by retail investors to small businesses globally using stablecoin. Retail investors in North America only need their phones to lend to participating merchants anywhere in the world using just a debit/credit card. They enjoy 3x higher yield vs. savings accounts. Users can earn interest income (higher vs. their bank) by staking their balances to be lent at affordable rates to merchants in the network (who enjoy lower rates vs. banks).
The startup is creating a new way for merchants and retail investors to exchange capital, one that puts them at the heart of the transaction while undoing the frictions of the current system through new paradigms- borderless instant lending, zero fees, community-driven higher interest income on user staking and lower rates on merchant borrowing. Backed by Techstars, JPMorgan Chase, UBA Bank, Paystack, Invest Ottawa, and several others, Storspay is building Stripe for cross-border retail lending to small businesses globally. The platform uses over 3 web technology tools on its website. They include tools like SSL, javascript, and widgets among others.