VertoFX, a London, UK–based cross-border payments startup with a focus on businesses in emerging markets, raised $2.1M in seed funding.
The startup was part of the latest YCombinator cohort (winter 2019) and has seen 20% month-on-month growth in transaction volumes since launch.
The company intends to use the funds to scale technology; launch in additional markets; expand its operations; increase the number of currencies it can offer on its platform and its banking network and partnerships.
Founded in 2017 by Nigerian-born, British ex-bankers Anthony Oduwole and Ola Oyetayo, VertoFX is a B2B currency exchange marketplace providing a one-stop service that lets companies in emerging markets gain access to foreign currencies and make international payments to their suppliers abroad.
Licensed and regulated in the UK by the FCA, the company currently has 19 currencies available to be exchanged on its marketplace and can allow businesses to make payments to 120 countries.