Verto

Verto is a business-to-business cross-border payments and foreign exchange (FX) platform, founded in 2017 by Ola Oyetayo and Anthony Oduu. The founders, both with backgrounds in finance, were inspired to start the company after discussing the difficulties of sending money from their home country, Nigeria. What began as an informal currency exchange group on WhatsApp in 2018 evolved into a significant fintech platform after securing a spot in Y-Combinator's 2019 winter cohort.

The company provides infrastructure for businesses to convert, hold, receive, and make payments in 49 currencies across more than 200 countries. Verto targets small and medium-sized enterprises (SMEs) as well as large corporations, solving key challenges in the B2B global payments industry, particularly in emerging markets like Africa. Its core services include multi-currency business accounts, a price discovery FX marketplace, and API-driven embedded finance solutions that allow other companies to integrate Verto's payment services directly into their own products. The business model generates revenue from FX transactions, transfer fees, and commissions from its marketplace.

Verto has raised a total of $12.1 million over four funding rounds, including a $10 million Series A in September 2021 led by Quona Capital. The company holds an Electronic Money Institution (EMI) license from the UK's Financial Conduct Authority, ensuring the security of customer funds. With a team of over 170 employees, Verto has operational presences in the UK, Nigeria, Kenya, South Africa, and the United Arab Emirates.

Keywords: cross-border payments, B2B payments, foreign exchange, FX marketplace, fintech, emerging markets, multi-currency account, global payments, API, embedded finance, currency exchange, SME finance, liquidity solutions, international trade, payment infrastructure, Y Combinator, financial technology, Africa fintech, corporate treasury, money transfer