Verto raises $10m in a Series A funding round for cross border payments
By Joy Dumasia
Verto, a global 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 200 countries across 39 currencies, has raised $10 million in a Series A round of funding led by leading FinTech investor Quona Capital, alongside Treasury, Middle East Venture Partners (MEVP), TMT Investments, Unicorn Growth Capital, Zrosk Investment Management and P1 Ventures. Previous investors include Y Combinator, Accelerated Digital Ventures, and Ace & Company.
Verto will use the investment to continue building its platform to enable businesses to move money across borders seamlessly and instantly, solving important pain points in the B2B global payments industry, which is expected to grow to nearly USD 200 trillion by 2028, over six times the size of the retail payments market. The company also plans to accelerate its geographical expansion into emerging markets such as Africa, a region where SMEs cross-border payment needs are currently significantly under-addressed.
Ola Oyetayo, Co-Founder and CEO of Verto, said: “Using Verto’s three main products (Payments, Exchange & Multi-Currency account), business owners can now send cross-border B2B payments at FX rates up to 9 times cheaper than they could through traditional banks, and with Verto wallets businesses can hold money with us in 39 currencies and make instant cross-border payments to other companies on the Verto network in real-time. While traditional peer-to-peer payment platforms often have transaction limits, the Verto platform facilitates payment volumes that are appropriate for MSMEs.”
Anthony Oduwole, Verto’s Co-Founder and CTO, 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.”
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