StormPay, a financial lifestyle app targeted towards millennials and Generation Z, has been purchased by B2B payment service provider Moneff.
According to a press statement from the firms, Moneff will have more access to the consumer market as a result of the acquisition, while StormPay will be able to enhance its capabilities and user interface.
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. A long-time leading investor in StormPay is Moneff.
According to a study, 13% of Gen Z and 18% of millennials are “tech-driven consumers” who are highly connected in terms of their use of digital gadgets as well as their expectations for the future.
