Business Wire

Senior Worldfirst Executive Joins UK Fintech Storfund

Share

After a six month search, Storfund has appointed Worldfirst’s former Global Head of Enterprise, Oliver Whelan, as its Chief Revenue Officer. Whelan, who spent almost a decade at payments fintech Worldfirst, will be responsible for accelerating Storfund’s rapid and profitable growth.

This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20220629005094/en/

To view this piece of content from mms.businesswire.com, please give your consent at the top of this page.

Oliver Whelan, Chief Revenue Officer (Photo: Business Wire)

Available in 20 countries on the world’s biggest marketplaces, including Cdiscount, Back Market, PcComponentes, Fyndiq and Amazon, Storfund is one of the UK’s fastest growing fintechs. But what’s more remarkable in an industry obsessed with scaling loss-making operations, Storfund has achieved this growth whilst turning a profit.

The founders took the decision to fund growth from revenue rather than external capital, believing this would create an impact-driven culture: growth would only come if clients saw that its service was worth paying for.

“Unlike its competitors, Storfund has focused on its product and, most importantly, its customers” said Whelan, “it knows why it exists and it hasn’t forgotten this in the pursuit of growth.” Storfund is the only European provider of factoring - immediate payment on sales - to marketplace sellers, an essential service given businesses wait 42 days on average to get paid.

“Cashflow remains the biggest challenge for ecommerce businesses,” said Whelan. “There are a few start-ups offering loans to ecommerce sellers, but Storfund is still the only European fintech to offer working capital in the form of factoring. Traditional banks, even digital challenger banks, still don’t understand the ecommerce sector.”

“Storfund’s potential is immense” said Whelan, “it is offering a simple solution to an industry worth almost £4 trillion.”

Demand for its service means that Storfund has doubled the financing it provides every year for the past three years; and last autumn Storfund announced that it had put in place financing which would enable it to provide up to £5 billion each year to ecommerce businesses. Whelan’s task will be to capitalise on this momentum, drawing on his experience at Worldfirst.

Worldfirst’s breakneck growth saw it transfer over £70 billion for customers between its launch in 2004 and 2019 when it was acquired by Ant Group, in one of the largest deals by the world’s largest fintech. As Wordfirst’s Global Head of Enterprise, Whelan was responsible for negotiating the business’s largest strategic ecommerce and financial partnerships.

“Worldfirst’s success was driven by its culture,” said Whelan, “and Storfund is the same. It has a fantastic team and loyal, enthusiastic customers – over a third of new business comes from recommendations”.

“The strength of our product, our funding structure and obsession with profitable growth enables us to stay 100% focused on our mission, said George Brintalos, CEO and co-founder, “it’s also one of the reasons we are able to attract exceptional talent like Oliver and continue to hire whilst the industry as a whole is retrenching.”

The tech industry has been awash with venture capital over the past three years, and Storfund’s unusual decision not to take external capital puts it in a strong position to weather the market downturn, which has particularly affected the value of tech businesses. Without the pressure for returns, Storfund is well placed to continue growing via steady expansion.

The next few years will be all about expansion through partnerships with fast-growing marketplaces across Europe, Asia and the Americas. “Oliver is the right person at the right time,” said Akbar Ahsan, co-founder, “not only does he have an enviable track record and a vast network, he’s also the right cultural fit. He has an entrepreneurial mindset and gets our mentality of rolling your sleeves up and getting stuck-in, but he also brings the discipline and process-driven thinking that large corporations instil, which will be crucial as our international operations expand even further.”

Whelan’s appointment follows Storfund’s strategy of appointing experienced ecommerce executives to senior roles. Other notable hires include David Rolls from Amazon and Margaret-Anne Galvin from Cdiscount.

To view this piece of content from cts.businesswire.com, please give your consent at the top of this page.

Contact information

Contact Hana Graham, Head of Marketing at Storfund on hana@storfund.com or 00 44 7812 011756 for additional information, assets and interviews.

About Business Wire

Business Wire
Business Wire
24 Martin Lane
EC4R 0DR London

+44 20 7626 1982http://www.businesswire.co.uk

(c) 2018 Business Wire, Inc., All rights reserved.

Business Wire, a Berkshire Hathaway company, is the global leader in multiplatform press release distribution.

Subscribe to releases from Business Wire

Subscribe to all the latest releases from Business Wire by registering your e-mail address below. You can unsubscribe at any time.

Latest releases from Business Wire

DC Secretary Announces Annual Determinations Committees Outcome28.3.2024 21:14:00 CET | Press release

DC Administration Services, Inc. has today announced the composition of five regional Determinations Committees (DCs), effective from April 27, 2024. Voting Dealers (for all regions): Voting Non-Dealers (for all regions): Bank of America N.A. Citadel LLC Barclays Bank plc Elliott Management Corporation BNP Paribas Pacific Investment Management Company LLC Citibank, N.A. Deutsche Bank AG Goldman Sachs International JPMorgan Chase Bank, N.A. Voting Dealer for the Americas, EMEA, AEJ, and Japan Determination Committees: Mizuho Securities Co., Ltd. The process for selecting DC members is specified in the DC rules. The DC rules, along with more information about the Determinations Committees and what they do can be found at the Determinations Committees website: https://www.cdsdeterminationscommittees.org/. View source version on businesswire.com: https://www.businesswire.com/news/home/20240328441002/en/Contact information Press Inquiries: Orlando Figueroa orlando.figueroa@citadelspv.com

LambdaTest Launches The Phoenix Project, an Employee Resource Group for Women28.3.2024 16:00:00 CET | Press release

LambdaTest, a leading cloud-based unified testing platform, announced the launch of The Phoenix Project, an Employee Resource Group (ERG) dedicated to supporting and promoting the success of its female employees. “LambdaTest is committed to fostering a diverse, inclusive, and equitable workplace where all employees feel valued and empowered to reach their full potential,” said Chandini Chopra, VP of People and Culture at LambdaTest. “The Phoenix Project is a critical step towards achieving this goal by providing a platform for professional development, networking, and mentorship, especially for our women employees.” The Phoenix Project Aims To: Offer professional development workshops, networking opportunities, and dedicated time off for women to participate in ERG initiatives. Provide mentorship programs connecting senior female employees with mentees. Promote leadership development among women within the company. Create a sense of community for women in the workplace. Leadership and

The reopening of the Yokohama Museum of Art adds another innovative and distinctive venue for events in Yokohama28.3.2024 16:00:00 CET | Press release

After extensive renovations, the iconic Yokohama Museum of Art has reopened its doors to visitors from all over the world. The museum’s reopening paves the way to new and closer collaboration with international events in Yokohama. This extraordinary venue is the ideal setting for a one-of-a-kind gathering, in part, supported by the Yokohama Convention & Visitors Bureau (hereinafter YCVB). The Yokohama Museum of Art Founded in 1989, the Yokohama Museum of Art collects over 14,000 works of art that reflect the many facets of life in Yokohama—past, present, and future. The reopening of the museum coincides with the Yokohama Triennale, an international exhibition featuring contemporary artists whose decentralized exhibits turn the entire metropolis into an art museum. The 8th Yokohama Triennale is being held from March 15 to June 9, 2024, with the Yokohama Museum of Art being a pivotal venue for the exhibition. With the museum firmly back on the map as Yokohama’s leading artistic venue, YC

Eight new sustainability-themed experiences—exclusive to Yokohama—for convention participants28.3.2024 16:00:00 CET | Press release

In a survey conducted by Yokohama Convention & Visitors Bureau (hereinafter YCVB), many convention attendees expressed particular interest in Yokohama’s culture, sightseeing spots, and local cuisine. In response, YCVB has developed eight new Yokohama Tours for event attendees to enjoy during their free time in Yokohama, keeping in line with our ethos of sustainability. Noge Area Bar-Hopping Tour, complete with guide Known affectionately by locals as Yokohama’s kitchen, Noge is a bustling nightlife spot that is home to over 600 izakaya (Japanese-style pubs). A knowledgeable local guide will lead participants to all the hidden gems in Noge, where they can indulge in distinctive, delicious pub-style food and drink. With easy on-foot accessibility, participants can rest assured this fun night out won’t impact their carbon footprint. Soto Zen Tour of Sojiji, head temple of the Soto Zen school As a prominent Zen sect in Japan, Soto Zen provides one of the best Zen wellness experiences. Durin

Nordson EFD Releases New 3-Axis Automated Fluid Dispensing Systems28.3.2024 15:00:00 CET | Press release

Nordson EFD, a Nordson company (NASDAQ: NDSN) and leading precision fluid dispensing systems manufacturer is proud to announce the new GVPlus and PROX families of automated fluid dispensing products. Both robotic solutions share a focus on motion, workspace, repeatability, payload, setup, and vision technology enhancements. This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20240305726899/en/ The GV Series offers market-leading dimensional positional accuracy and deposit placement repeatability. (Photo: Business Wire) The new GVPlus automated fluid dispensing solution offers improved repeatability, bigger payloads with simplified setup requirements, and superior vision capabilities. Repeatability is now best-in-class at 8 μm, improving repeatability to ±0.008 mm. Setting up the robot is easier due to a new dual mounting flange that enables a tool payload of up to 4.5 kg (10 lbs). When paired with the working area of 400 mm x 400 m

HiddenA line styled icon from Orion Icon Library.Eye