Nigerian fintech startup Storspay secured $320k, selected for Techstars NYC

Storspay, a fintech startup in Nigeria, has received US $320,000 in funding and has been accepted to the Techstars NYC accelerator, sponsored by JP Morgan Accelerator.

In order to connect small businesses around the world that require more affordable capital to expand with retail investors looking for alternative asset investment opportunities, Storspay has created a decentralized retail lending infrastructure platform for the Internet.

The startup has been chosen to take part in the 13-week fundraising and mentorship program Techstars NYC accelerator, supported by JP Morgan Accelerator, for startups looking to accelerate their growth and raise their next round of funding.

This is a portion of a $320,000 funding round that will help the startup expand its platform. By offering decentralized lending infrastructure for the internet that enables business owners to instantly and securely exchange money across borders for the purpose of financing working capital inventory, Storspay seeks to improve the financial well-being of business owners around the world.

“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.”