After a six-month search, Storfund has appointed Oliver Whelan, previously Worldfirst Global Head of Enterprise, as Chief Revenue Officer. Whelan, who spent ten years at payments fintech Worldfirst, will be responsible for accelerating Storfund’s rapid and profitable growth. This press release contains multimedia content.
Storfund is one of the fastest-growing fintechs and merchant service providers in the UK, with a presence in 20 countries and the largest marketplaces in the world, including Cdiscount, Back Market, PcComponentes, Fyndiq, and Amazon. Remarkably, Storfund has achieved this growth at a profit – and in an industry dominated by scaling loss-making ventures.
The founders have chosen to fund growth from revenue rather than external capital because they believe it will create an impact-driven culture: Growth will only happen when customers see that the services are worth paying for.
“Unlike competitors, Storfund has focused on its product and, more importantly, its customers,” says Whelan, “They know why they’re there and haven’t forgotten that in the pursuit of growth.”
Storfund is the only provider in Europe of factoring – an immediate payment on sale – to marketplace merchants. It is an essential service as businesses have to wait an average of 42 days for their money.
“Cash flow is still the biggest challenge for e-commerce businesses,” Whelan says. “There are a few startups offering loans to e-commerce merchants, but Storfund remains the only European fintech offering working capital in the form of factoring. Traditional and direct banks still don’t understand the e-commerce sector.”
