B2B payment service provider Moneff has acquired millennial- and Generation Z-focused financial lifestyle app StormPay.
With the acquisition, Moneff will gain greater access to the consumer market, while StormPay will be able to further develop its capabilities and customer experience, the companies said in a Tuesday (Oct. 19) press release.
“As a dual-licensed [eMoney] 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,” Moneff CEO and Founder Sanjar Mavlyanov said in the release.
Mavlyanov will assume the role of CEO across both brands, while StormPay Co-Founder Otabek Nuritdinov is to step down as CEO but remain head of business development at Moneff. Moneff has long been a principal partner in StormPay, according to the press release.
Nuritdinov said in the release that he founded StormPay in 2020 to provide greater financial management to millennials and members of Generation Z.
“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,” Nuritdinov said. “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 — which was founded in 2016 and rebranded from its previous name of “Safenetpay” in September — provides small- to medium-sized businesses (SMBs) and sole proprietors access to free multi-currency business accounts, transfers with competitive foreign exchange (FX) rates, card issuing and online payment processing, according to the release.
PYMNTS research has found that 18% of millennials and 13% of Gen Z are “tech-driven consumers” who are highly connected in terms of digital devices, what they do with them and what they expect going forward.
Read more: Gen Z Takes the Connected Commerce Torch From Millennials
What’s more, their smartphone-centric lives are in many ways ideal for super apps that combine shopping, travel, dining, travel, banking, payments and more in one app, according to “Super Apps for the Super Connected,” a PYMNTS and PayPal collaboration.
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