Millennial and Generation Z-focused financial living app StormPay has been acquired by B2B payment service provider Moneff.
The purchase would provide Moneff more access to the consumer market, while StormPay will be able to improve its features and user experience, according to a news release from the companies.
Sanjar Mavlyanov, CEO and Founder of Moneff, said in the release that his company is a dual-licensed [eMoney] institution and that “our objective is now to broaden access to StormPay’s services so that even more clients may better their financial management and enhance their wellbeing.”
StormPay co-founder Otabek Nuritdinov will step aside from his role as CEO while keeping his position as head of business development at Moneff. Mavlyanov will become the next CEO of both businesses. Moneff has long been a significant StormPay investor.
Research found that 13% of Gen Z and 18% of millennials are “tech-driven consumers,” meaning they are highly connected in terms of how they use digital devices and what they expect from the future.