VertoFX, a London, UK–based cross-border payments startup with a focus on businesses in emerging markets, has raised $2.1M in seed funding from Accelerated Digital Ventures.
Founded in 2017 by Nigerian born Oyetayo and Anthony Oduwole, 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.
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.
Ola Oyetayo, CEO and Co-Founder said: “We are in the early stages of helping businesses in emerging markets solve a significant problem they currently face and the funds we have raised will help put some fuel in our bus for the journey.
“We spoke to a number of investors after YC’s demo day but ADV’s patient capital ethos resonated strongly with Anthony and I. We are glad to have them and everyone else that participated in the round on board and are especially thankful to YCombinator for teaching us to build something people want.”
Tong Gu, Investment Lead at ADV commented: “The VertoFX team has already shown an incredible amount of tenacity in relocating for the YCombinator programme. With the product, regulatory license and team already in place, the team has made great progress and we’re so excited to be part of this journey with them.”
1 Comment
How can one start cos an interested