Verto

Verto is a payment B2B platform from Africa that provides a fast, simple and reliable way for small and medium-sized enterprises (SMEs) to make payments with suppliers in more than 200 countries in 39 currencies.

History

2021: Raising $10 million

In mid-November 2021, the small business payment platform Verto raised $10 million as part of the Series A investment round. The round was led by Quona Capital, Middle East Venture Partners (MEVP), and TMT Investments, Unicorn Growth Capital, Zrosk Investment Management and P1 Ventures also invested in Verto. Among existing investors: Accelerated Digital Ventures and Ace & Company.

TMT Investments Invested in African Small Business Payment Platform Verto

Verto plans to use the funds raised to develop its platform, allowing enterprises to freely and instantly conduct B2B payments. The B2B global payments industry is expected to grow to nearly $200 trillion by 2028, six times the size of the retail payments market. Verto also intends to accelerate its geographical expansion into emerging markets, such as Africa, a region where the needs of small and medium-sized businesses for cross-border payments are still little taken into account.

Verto co-founder and CEO Ola Oyetayo noted:

Using Verto's three main solutions (payments, currency exchange and multi-currency account), business owners can now make cross-border B2B payments at exchange rates up to 9 times cheaper than they are available using the services of traditional banks. With Verto wallets, companies can store money in 39 currencies and instantly make cross-border payments to other companies on the Verto network in real time. While traditional peer-to-peer platforms often include transaction limits, the Verto platform allows you to process business-specific amounts of money.[1]

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