StorsPay, a fintech startup by Nigerian, Sam Alonge, has secured a funding round of US$320,000 and selected to participate in the Techstars NYC accelerator. The accelerator supported by the JP Morgan Accelerator.
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
The fintech has developed a decentralized platform for retail lending infrastructure which aims to connect small businesses worldwide with retail investors seeking alternative asset investment opportunities. The platform is designed to provide affordable capital to small businesses that need funding to grow their operations.
“Our APIs & software automate lending by retail investors to small businesses globally using stablecoins. Retail investors in North America only need their phone to lend to participating merchants (anywhere in the world) using just a debit/credit card,” the startup’s listing on Crunchbase says.
As indicated on the startup’s website, StorsPay offers decentralized cross-border lending to small businesses with global investors having the chance to earn high yield on crypto stablecoin by financing small businesses in Africa and North America. The platform currently has a limited offer of up to 12% APY on investment.
“We are 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.”
The 13-week Techstars NYC accelerator program provides mentoring and fundraising opportunities for startups seeking to boost their growth and raise their subsequent round of funding. The US$320,000 round of funding, comes alongside acceptance into the accelerator.
In addition to Techstars, the platform has the backing of several business players and investors including:
- Paystack
- Circle
- Goodmans
- United Bank of Africa (UBA)
- RBC Royal Bank
- Invest Ottawa
- 500, and
- Tangerine
StorsPay’s goal is to enhance the financial well-being of business owners globally by offering a decentralized lending infrastructure for the internet. This platform allows them to exchange capital instantly and securely across borders to finance their working capital inventory.
“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,” said Sam Alonge, Chief Executive Officer (CEO) and Founder of StorsPay.
“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.”
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