Nigerian business payments platform Verto receives $10m Series A boost

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Valentina Vitali
Valentina Vitali
FXC Intelligence Research Analyst
Valentina is a Research Analyst at FXC Intelligence, the data sister company of FXcompared. Valentina is passionate about payments and fintech. Valentin enjoys analysing money transfer companies and… Read more
  • Verto, which uses a marketplace-style system to enable business-to-business supplier settlement transactions, has secured Series A funding.
  • The company, which was set up in 2018, has received investment from a wide variety of suppliers, including Quona Capital, TMT Investments, and Zrosk Investment Management.
  • “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,” said a senior figure at the company.

Verto, a business-to-business (B2B) online money transfer company based in Nigeria, has secured US$10m in Series A funding.

The company said that the funding was earmarked for expansion and would help Verto to build its platform.

It also intends to add a range of geographical regions to the list of places in which it operates, including locations such as sub-Saharan Africa.

Verto’s aim is to help small and medium-sized firms make payments to their suppliers.

It was set up in 2018 and is currently operating in more than 200 nations around the world, in 39 currencies.

Verto works using a marketplace system, which is especially useful for firms looking to use an illiquid currency pair.

It is believed that the funding round was led by Quona Capital, which is a relatively new fintech-focused venture capital organisation.

A number of other providers, including the organisation Treasury, UK-based TMT Investments, and Middle East Venture Partners, were also involved.

Unicorn Growth Capital was also on the investor list.

The funding was rounded off by P1 Ventures and Zrosk Investment Management.

In a statement, Verto’s chief executive officer explained that the company has three main product offerings in its group.

Ola Oyetayo said that the cost of transactions can be significantly cheaper for customers if they use Verto.

“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 nine 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,” Oyetayo said.

He went on to explain that the payment framework at Verto is structured in a way that makes sense for its users, which tend to be small and medium-sized businesses.

“While traditional peer-to-peer payment platforms often have transaction limits, the Verto platform facilitates payment volumes that are appropriate for MSMEs.”

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