B2B Payments Platform Verto Adds 12 New Currencies

Cross-border B2B payments and foreign exchange platform Verto has upped the number of currencies in which its customers can convert and make payments.

As IBS Intelligence reported Wednesday (March 15), Verto customers can now accept and send payments instantly in 12 new currencies using a single platform, expanding the company’s available currencies from 39 to 51.

“With the expansion of the number of currencies our platform offers, businesses, regardless of size, type and jurisdiction, can rely on VertoFX’s secure payments platform to send cross-border payments instantly worldwide,” said Ola Oyetayo, the company’s co-founder and chief executive officer.

Read more: B2B Payments Platform Verto Raises $10M

Oyetayo founded Verto (formerly VertoFX) with Anthony Oduwole in 2018. The London and Nigeria-based firm lets small and medium-sized businesses pay suppliers, and targets clients in emerging markets. Speaking to PYMNTS in 2019, Oduwole said he and Oyetayo were inspired to launch VertoFX after inflation drove the dollar to be worth several hundred Nigerian naira.

The company said the new currencies will allow businesses to transfer funds to and from countries such as Bangladesh, Brazil, Ethiopia, Morocco and Sri Lanka with instant local settlement times.

Verto had spoken of its plans to expand to 51 currencies last year. At the time, the company had just just African currencies, covering 60% of that continent’s GDP. But with global B2B payments expected to become a $200 trillion industry this decade, Verto set its sights beyond its borders.

“We want to get to a point in the future where someone can easily swap a Ghanaian cedi to rand without having to transact with dollars or euros,” the founders said.

The company is in the middle of a major expansion, having raised $10 million in a Series A last September. Last year also saw Verto welcome 7,000 new businesses to its platform and process close to $1.5 billion in transactions.