Nigerian Startup Storspay Raises $320k, Selected for Techstars NYC


Storspay, a Nigerian fintech firm, has acquired $320,000 in funding and has been accepted into the Techstars NYC accelerator, which is funded by JP Morgan Accelerator.

Storspay has created a decentralized retail lending infrastructure platform for the internet, connecting retail investors looking for alternative asset investment options with small businesses across the world that need more inexpensive financing to flourish.

The startup has been accepted into the Techstars NYC accelerator, which is supported by JP Morgan Accelerator, a 13-week fundraising and coaching program for startups looking to accelerate their growth and raise their next round of funding.

This forms part of a US$320,000 round of funding, which will help the startup scale its platform. Storspay aims to improve financial wellbeing for business owners across the world by providing the decentralised lending infrastructure for the internet that enables them make more money by exchanging capital across borders instantly and securely for the purpose of financing 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 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 at it.”

Victor Osimhen

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