New player StormPay unveils payment offering for businesses

StormPay, a UK-headquartered fintech company which is building an ecosystem that combines financial and lifestyle services in one place, today announced it has signed a distributorship agreement with Safenetpay, an Electronic Money Institution (EMI) which is regulated by the Financial Conduct Authority (FCA). As such, StormPay can now unveil the first phase of ‘StormPay Business’. Early adopters – such as small and mid-size enterprises (SMEs), micro businesses and start-ups – may register their interest and start benefiting from its new multi-currency accounts, with payments in GBP and EUR, via a web app.

As Covid-19 and the measures taken to prevent its spread were having a negative impact on the well-being of young individuals, Otabek Nuritdinov and Aziz Makhmudov set about building a new ‘finance as a lifestyle’ offering that would address the general wellness and happiness of both GenZ and millennials; and StormPay was born behind-the-scenes. Two years later and with the rising cost-of-living another concern for people, StormPay is determined to help customers better manage their finances.

Over the past two years, StormPay has hired 25 experts in the payment space, including CTO George Mavchun and Head of Product Sam Boboev to develop its solutions for both business and personal customers. StormPay is a member of FINTECH Circle, Innovate Finance and Level39, allowing the team to learn from and share best practice with other fintech start-ups. In addition, StormPay has partnered with open banking service vendor Ozone API.

Otabek Nuritdinov, CEO and Co-Founder of StormPay, said: “Money concerns are among the top causes of stress and anxiety in our daily lives. We are determined to change that. I believe we are on the brink of a major disruption that is going to revolutionise financial management as we know it and the team I’m building is 100% focused on doing things differently. We’re excited about today’s unveiling and what the rest of 2022 has in store for next generation customers who desire a hyper-personalised experience.”