StormPay, a financial lifestyle app targeted towards millennials and Generation Z, has been purchased by B2B payment service provider Moneff.
Moneff will have more access to the consumer market as a result of the purchase, while StormPay will be able to enhance its capabilities and user interface, according to a news statement issued by the firms on Tuesday, October 19.
As a dual-licensed [eMoney] institution, Sanjar Mavlyanov, CEO and Founder of Moneff, stated in the announcement, “Our goal is now to increase access to StormPay’s services so even more clients may better their financial management and improve their wellness.”
Otabek Nuritdinov, co-founder of StormPay, will stand down from his position as CEO but continue to serve as head of business development at Moneff. Mavlyanov will take over as CEO for both firms.
According to the press statement, Nuritdinov established StormPay in 2020 to give millennials and members of Generation Z better financial management.
According to Nuritdinov, “StormPay’s original, the core idea will not only continue to exist, but it will also grow with the assistance of Moneff as its parent business.” “I believe that this firm and its great staff will only grow, so I can safely and certainly hand them on to Sanjar.”
According to the press release, Moneff, a company that was established in 2016 and changed its name from “Safenetpay” to “Moneff” in September, offers small- to medium-sized businesses (SMBs) and sole proprietors free access to multi-currency business accounts, transfers with competitive foreign exchange (FX) rates, card issuing, and online payment processing.
“Tech-driven customers” are those who are intensely linked to digital technologies, what they do with them, and what they anticipate for the future. 13% of Gen Z and 18% of millennials fall into this category.
