OFX and Storfund Announce Work Alliance to Support Marketplace Retailers
As global e-commerce sales soar, OFX and Storfund support marketplace retailers with seamless cross border payments and cash flow management.
LONDON, June 2, 2021 /PRNewswire-PRWeb/ -- OFX, a global international payments provider, today announced a partnership with Storfund, which offers daily revenue payments to e-commerce marketplace retailers. The partnership integrates OFX's payments and foreign exchange services with Storfund's platform, so marketplace retailers can both receive revenue faster and make payments in multiple currencies, all in one place.
E-commerce retailers' need for capital has increased exponentially as global e-commerce continues its fast-paced growth, but delayed payment terms can constrain e-commerce retailers' opportunity for growth in conditions of high demand.
Founded in 2018, Storfund was established to meet this need and has quickly become the leading e-commerce funder in Europe. This year, Storfund is on track to provide $1 billion of cash advances to e-commerce retailers selling on Amazon and other European, American, and Asian marketplaces.
OFX will provide payments and foreign exchange services to Storfund's marketplace retailers, meaning marketplace retailers can now pay, get paid and hold e-money balances with OFX in up to seven currencies (EUR, GBP, AUD, HKD, SGD, CAD, USD), all managed from a single dashboard.
The partnership is now live and Storfund clients are already using OFX's services.
"There is a huge opportunity for small businesses to sell their products worldwide online no matter where they are based," said Sarah Webb, OFX President UK & Europe. "But traditionally they have had several challenges to overcome. Managing cash flow is one of them. Another is the task of managing multiple currencies. Now they can do both in one place. This new partnership means it has never been easier for e-commerce businesses to operate globally."
"E-commerce provides new opportunities to reach customers across borders," said Storfund Co-Founder and CEO George Brintalos, "but it can create new challenges too: many retailers sell outside their home country but need to receive funds in their local currency; they also need to pay suppliers in different jurisdictions. We worked closely with the OFX team to build a retailer-centric solution. By combining daily cash advances with cross-border payments, businesses can ease the friction of operating within a global digital marketplace."
OFX's Global Currency Account functionality is available to Storfund via API. OFX develops API payments solutions for businesses of all shapes and sizes to make global payments more efficient for their clients. For more information about OFX partnerships, contact [email protected].
Contacts:
Richard Levy, Head of Marketing, OFX, [email protected]
About OFX
OFX grew from the idea that there had to be a better, fairer way to move money around the world. That was 20 years ago, and we're still driven by the same mission today.
We believe real help from real people counts, and that's why we offer our clients the best of both worlds – an easy to use digital platform, combined with 24/7 phone access to our currency experts.
Foreign exchange is in our DNA. We help clients navigate the complexity of FX, making it simple and easy to understand. Because when it comes to money, informed decisions are the best decisions.
Keeping our clients' money secure is a top priority. We're monitored by over 50 regulators globally. To date, we have helped over 1 million customers worldwide and have transferred over US$100 billion.
Our clients are all over the globe, so we are too. We operate in offices in London, Dublin, Sydney, Auckland, Hong Kong, Singapore, Toronto and San Francisco. It's global expertise, delivered locally.
http://www.ofx.com
Media Contact
Richard Levy, OFX, 516-643-1256, [email protected]
SOURCE OFX
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