Nigerian fintech startup, Storspay has raised $320,000 in funding and has been selected to participate in the Techstars NYC accelerator programme. The startup has developed a decentralised retail lending infrastructure platform for the Internet. The platform is targeted at connecting retail investors seeking alternative asset investment opportunities with small businesses globally. This will assist entrepreneurs who need more affordable capital to grow their businesses.
Furthermore, Storspay’s platform enables small businesses to exchange capital across borders instantly and securely to finance working capital inventory. The startup’s mission is to improve the financial well-being of business owners across the world by providing a decentralised lending infrastructure for the internet. Inflation continues to eat away at the savings of ordinary people in North America, while small business owners in emerging economies face daily frustrations of not finding the capital they need at affordable rates to successfully grow their businesses.
What Storspay Stand to Benefit from the Programme
Techstars NYC accelerator programme is a 13-week fundraising and mentorship programme backed by JP Morgan Accelerator. The programme aims to support startups seeking to accelerate their growth and raise their next round of funding. Also, this forms part of the $320,000 round of funding, which will help the startup scale its platform. Storspay believes that it can make an outsized economic and social impact by building a decentralised retail lending platform that uses stablecoin to share prosperity across the world. The platform 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 doing so.
Sam Alonge, the Founder and chief executive officer (CEO) of Storspay, in his remark, restresses the company’s vision. “Our mission is focused on enabling economic well-being for everyday people across the world. We believe at Storspay that we can make an outsized economic and social impact by building a decentralised 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 doing so.”
Storspay aims to disrupt the traditional lending market and provide a new way for small businesses to access capital at affordable rates. The platform’s decentralised nature will also provide greater security and transparency for both borrowers and lenders.