Storspay, a fintech startup based in Nigeria, has raised a funding round worth US$320,000 and has been selected to participate in the Techstars NYC accelerator program, which is backed by JP Morgan Accelerator.
Storspay’s platform provides a decentralised retail lending infrastructure that connects retail investors seeking alternative asset investment opportunities with small businesses across the world that need more affordable capital to support their growth.
The Techstars NYC accelerator program is a 13-week fundraising and mentorship program that helps startups accelerate their growth and raise their next round of funding. Storspay’s participation in the program forms part of its US$320,000 round of funding, which will assist the startup in scaling its platform.
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The company’s goal is to enhance the financial wellbeing of business owners globally by creating a decentralised lending infrastructure for the internet that enables them to securely and instantly exchange capital across borders to finance their working capital inventory and increase their profits.
Sam Alonge, the founder and CEO of Storspay, stated that the company’s mission is focused on enabling economic wellbeing for people worldwide. He noted that ordinary people in North America and small business owners in emerging economies face daily frustrations due to inflation eating away at their savings and a lack of affordable capital to successfully grow their businesses.
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According to Alonge, Storspay believes that it can make a significant economic and social impact by creating a decentralised retail lending platform that uses stablecoin to share prosperity across the world. The platform will enable people on one side of the world to support others in another part of the world and make more money in the process.
Charles Rapulu Udoh
Charles Rapulu Udoh is a Lagos-based lawyer, who has several years of experience working in Africa’s burgeoning tech startup industry. He has closed multi-million dollar deals bordering on venture capital, private equity, intellectual property (trademark, patent or design, etc.), mergers and acquisitions, in countries such as in the Delaware, New York, UK, Singapore, British Virgin Islands, South Africa, Nigeria etc. He’s also a corporate governance and cross-border data privacy and tax expert.
As an award-winning writer and researcher, he is passionate about telling the African startup story, and is one of the continent’s pioneers in this regard