Verto

About Verto

VertoFX operates as a global B2B payments platform, enabling businesses to manage and move money across borders. Founded in 2017 by Nigerian-born, British ex-bankers Ola Oyetayo and Anthony Oduwole, the company was born from an idea conceived during a poker game where they discussed the difficulties businesses in emerging markets face with foreign exchange and international payments. Both founders leveraged their extensive backgrounds in the finance industry, with careers at institutions like Barclays, Lloyds Bank, and Bank of America, to build a solution for these challenges.

The firm targets a range of clients, from startups and SMEs to large corporate companies, particularly focusing on solving payment complexities in emerging markets like Africa. Verto's business model is centered on its integrated platform that provides three core products: multi-currency accounts, foreign exchange (FX), and global payments. This allows businesses to hold funds in up to 51 currencies, convert between them at competitive rates, and send payments to over 190 countries. Revenue is generated through foreign exchange services, offering rates that can be up to nine times cheaper than traditional banks. The company operates as a regulated Electronic Money Institution (EMI) under the UK's Financial Conduct Authority (FCA), which ensures customer funds are safeguarded in separate accounts.

Verto’s platform functions as a one-stop solution for international trade, offering features like a multi-currency wallet, local accounts in various markets, and corporate cards for global expenses. A key differentiator is its marketplace model, which connects businesses with liquidity providers, FX brokers, and banks to facilitate competitive exchange rates and ensure liquidity, especially for exotic or infrequently traded currencies. The company also provides an API suite, Verto Atlas, which allows other platforms to embed Verto's banking and payment infrastructure into their own services. Significant milestones include graduating from the Y Combinator accelerator in 2019, followed by a $2.1 million seed funding round the same year. In 2021, Verto raised an additional $10 million in a Series A round led by Quona Capital, fueling its expansion into new markets.