Verto began in 2018 and was founded by Ola Oyetayo and Anthony Oduwole; it started as a currency-exchange marketplace and has since evolved into a full-suite cross-border payments product. The platform offers payments, exchange and multi-currency accounts for freelancers, SMEs and corporates and supports exchanges in over 200 countries across 39 currencies (up from 120 countries and 19 currencies previously). Verto currently lists six African currencies that cover roughly 60% of the continent’s GDP. The company reports a user base of over 2,000 businesses, an average transaction size of $30,000, and says it facilitates billions of dollars in transaction volume annually; user growth has increased 11x and revenue 8x since the start of the pandemic. Verto operates a no-fee proposition for cross-border payments, takes a small commission on currency-exchange services and charges 1% on its price-discovery marketplace, with potential future revenue from API calls and payments. The company plans to expand its currency roster to 51, accelerate geographic expansion across Africa and the Middle East, and build its platform to enable faster, more efficient settlements. VertoFX operates an online marketplace that enables businesses and banks to exchange and settle in exotic, illiquid currencies across Africa and other emerging markets. The platform currently supports 19 currencies and can settle in 120 countries, including China and the U.S., and the company is registered as a payment services provider with the U.K. Financial Conduct Authority. VertoFX processes transactions and earns a commission or spread on each trade; it reported about $7 million in transaction volume processed last month. The startup counts several undisclosed banks and San Francisco-based payments company Flutterwave among its clients. VertoFX is expanding its product set toward market research and potential subscription services on the currencies it trades. The company plans to use new funding to develop the platform, add more currencies, secure licenses in new countries, and hire primarily for compliance and regulatory roles.

Total raised

$12M

Funding rounds

2

Latest round

Series A

Latest activity

Sep 2021