VertoFX, a Nigerian B2B payments platform, has closed a US$10m Series A round to continue improving its platform, and drive its expansion into other emerging markets in Africa.
The funding round was led by Quona Capital, together with Middle East Venture Partners (MEVP), The Treasury, Unicorn Growth Capital, TMT Investments, P1 Ventures, and Zrosk Investments.
Speaking on the startup’s mission and expansion plans, Anthony Oduwole, Co-Founder, VertoFX, said:
“We plan to expand our presence in emerging markets with this fund through a suite of top-class tech stacks.
Geographically, this is an essential step towards our mission of “making international payments simple, fast and cheap.
Our purposefully built tech infrastructure and payment rails enable instant cross-border payments in a way that is really exciting for businesses.”
Ola Oyetayo, Co-Founder, VertoFX, also said the Verto platform enables payment volumes that are suitable for MSMEs unlike traditional p2p payment platforms that often have transaction limits.
Acknowledging the factors that slow SME growth across global and emerging markets such as high costs of cross-border payments, slow speeds, and low visibility coupled with low traceability, Monica Brand Engel, Co-Founder and Managing Partner, Quona Capital, said,
“VertoFX’s innovative platform addresses these pain points, removing friction to make international payments fast, simple, and reliable – a key component of SME growth. We are proud to support Verto in this important and impactful work.”
VertoFX is a B2B payments platform that provides a fast, simple, and reliable way for small and medium-sized enterprises (SMEs) to make payments to their suppliers in over 39 currencies across 200 countries.
The startup was launched by Co-Founders Ola Oyetayo and Anthony Oduwole in 2018, and it has developed a fast and seamless global payments platform that employs marketplace solution in efficiently matching businesses, especially in cases when one of the currency pairs in the transaction is illiquid.
VertoFX enables business owners, through its three main products – exchange, payments and multi-currency account – to make cross-border B2B payments at FX rates which is 9 times cheaper than making payments through traditional banks.
It also allows businesses to make instant cross-border payments on the Verto network in real-time, and keep money in 39 currencies.
VertoFX is instrumental to the facilitation of billions of dollars in transactions every year for its 2,000+ customers ranging from startups to SMEs to large corporate organizations.
Featured Image: VertoFX Founders, Anthony Oduwole and Ola Oyetayo
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