Nigeria: VertoFX closes $10,000,000 Series A round to make cross border payments more efficient

Other investors who came together to contribute in the acceleration of VertoFX included Treasury, Middle East Venture Partners (MEVP), TMT Investments, Unicorn Growth Capital, Zrosk Investment Management and P1 Ventures.

The fintech company leverages a cross-border payments infrastructure to help startups, enterprises, e-commerce and corporate companies send and receive payments from any part of the world, through a single API.

With portfolio companies including Payhippo, Cowrywise, Flutterwave, WorkPay, CredPal, Tizeti, among others, some of VertoFX’s product offerings include flexible and integrated payins and payout processing solutions, real-time FX infrastructure and multi-currency wallets.

The YC-backed company affirms to have its reach in over 190 countries, with over 2,000 clients and have processed over £1,000,000,000 per annum. Business owners can exchange over 20 currencies via its platform in these countries.

The company makes its earnings from commissions placed on the use of its currency exchange service and its price discovery marketplace solution. The plan is to increase the list of currencies on its platform to 51 with the investment raised, make cross border payments more efficient while expanding into more markets in Africa and the Middle East.

One of the company’s missions is financial inclusion for underserved businesses, making it easier for them to carry out money transactions conveniently on its platform, without going into a bank.

Two Nigerians, Ola Oyetayo and Anthony Oduwole founded VertoFX in 2018 after gaining experience from top-tier banks in the United Kingdom. With a focus on emerging markets, they decided to leverage the opportunities in the global increase of trade and supply chains across the world, making international payments affordable and accessible, and local currencies more liquid.