Tell us about Storepay
Founded in 2019, Storepay is a fintech company that offers Buy Now Pay Later (BNPL) solutions, as well as crypto capabilities, enabling the use of cryptocurrencies in real-life applications.
We are the first-ever Mongolian BNPL provider, allowing users to split payments for everyday necessities, products, and services, including petrol, travel tickets, cars, education fees, hospital bills, and real estate.
We also have our own native token, the Storepay Coin (SPCFIN) which can be used to purchase food and other goods. Unlike traditional banking which excludes those with a low credit score, our token is highly accessible and inclusive.
How did you come up with the idea for the company?
During my Master’s Degree in Australia, I was regularly using Afterpay – a company that allows users to buy now and pay in four instalments without interest. I felt that Mongolians could benefit from a similar service. There was also an opportunity to combine BNPL with crypto capabilities, as this was not being offered by any other company at the time.
Initially, I wasn’t sure the best place to begin, but quickly realised I needed investors, IT professionals as well as merchants to partner with us. Once we found the right people, things started falling into place and in November 2019, we launched Storepay.
Since then, we have added our own native crypto token, SPCFIN, which allows users to pay in instalments. Alternatively, it can be used as a collateral substitute. I would say that our unique selling point is our ability to combine crypto and BNPL, thereby increasing the purchasing power of our users.
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How has the company evolved over the last couple of years?
The company has continued to grow ever since it was launched. In the early days, I only had two other employees and we worked on everything together, from sales and customer support all the way to technical assistance.
As our revenue began to grow, we were able to start hiring more people, which changed the company culture so that it felt more like a startup, and was more flexible and agile. As we expanded further, the culture evolved again, and now the company feels much more corporate.
Part of this is due to the fact that we have more offices and more employees. Currently, we have almost 30 members of staff. Nonetheless, the DNA of Storepay has always remained the same focusing on user-centricity and innovation. Today, Storepay has over 700,000 app downloads, more than 3,500 partner merchants, has reached $47 million USD in total sales to date, and processes over 750 daily purchases.
What can we hope to see from Storepay?
In addition to growing our presence in the markets we currently operate in, we are also looking to grow into new territories across Southeast Asia. This will help us to achieve one of our major goals to boost financial inclusion throughout the region and therefore make people’s lives easier.
We believe that if we continue along the same trajectory we are on, we will become a truly global company within the next three years, and fulfil our ambition of becoming the first-ever Mongolian unicorn company. To do this, we will be looking to create new and easier financial services for diverse segments.