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StormPay Is Acquired By B2B Payment Service Provider, Moneff
Financial lifestyle app, StormPay has been acquired by Moneff, a payment service provider and solutions app for businesses.
The acquisition, which took immediate effect as of 3 October 2022, sets out to further develop StormPay’s capabilities, customer experience, and strength, whilst providing Moneff with greater access to the consumer market. Under its new parent company, the StormPay brand and mission will remain unchanged, while the teams will merge. This will enable them to be uniquely positioned to share insights and technological knowledge, and streamline both companies’ service offerings.
Otabek Nuritdinov, co-founder of StormPay, is set to step down as CEO, but remains the Head of Business Development at Moneff.
“When I first developed StormPay in 2020, the concept felt like a simple but important one,” said Otabek Nuritdinov. “Support the wellbeing of Millennials and Gen Z’ers everywhere through greater financial management. I saw the potential of greater financial strength – for individuals and for a generation. I’m extremely proud to see StormPay go from an idea to a product, to now a viable and valuable market asset.
“StormPay’s original, core vision will not only continue to live on, but it will expand with the support of Moneff as its parent company. I can confidently and assuredly pass on this company and its incredible team to Sanjar, knowing it will only go from strength to strength.”
Moneff’s CEO and founder, Sanjar Mavlyanov will assume a dual role as CEO across both brands. “The value StormPay brings to its customers and to the industry has always been clear to us at Moneff,” said Sanjar Mavlyanov. “The brand continued to grow, as did its value, and we felt strongly that we could provide even more support under an acquisition. As a dual-licenced e-money institution, our objective now is to expand access to StormPay’s services so even more customers can strengthen their financial management, and improve their wellbeing.”
Founded in 2016, Moneff provides SMEs, small businesses, and sole traders access to a range of solutions, including free multi-currency business accounts, transfers with competitive FX rates, card issuing, and online payment processing services.
The company, which rebranded from ‘Safenetpay’ to Moneff in September 2022, has long been a principal partner in StormPay. Moneff is an Authorised Electronic Money Institution by the United Kingdom Financial Conduct Authority (FCA), and has additionally been granted an Electronic Money Institution licence by the Danish Financial Supervisory Authority.
Headquartered in London, Moneff also has offices located in Denmark and Uzbekistan, reflecting its global customer base and expansion ambitions.
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