Source: Tom Jackson/Disrupt Africa

Nigerian fintech startup Storspay has raised a US$320,000 funding round and been selected to participate in the Techstars NYC accelerator, backed by JP Morgan Accelerator.

Storspay has developed a decentralised retail lending infrastructure platform for the internet, connecting retail investors seeking alternative asset investment opportunities with small businesses globally needing more affordable capital to grow their businesses.

The startup has been selected to participate in the Techstars NYC accelerator, backed by JP Morgan Accelerator, a 13-week fundraising and mentorship programme for startups seeking 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.”

Source: Tom Jackson/Disrupt Africa