Verto secures £7.4m Series A funding led by Quona Capital for international expansion.
The London based B2B payments platform raised the Series A round to accelerate growth in emerging markets.
Verto provides a global B2B payments platform that enables small and medium enterprises to make supplier payments across multiple currencies and countries. The company addresses high costs and settlement delays in international trade.
Verto has secured £7.4m in Series A funding to develop its cross border payments infrastructure and expand its footprint in emerging markets. Quona Capital led the investment round, with participation from several other institutional backers including The Treasury, Middle East Venture Partners, TMT Investments, Unicorn Growth Capital, Zrosk Investments and P1 Ventures. Previous investors Y Combinator, Accelerated Digital Ventures and Ace and Company also contributed to the financing.
The capital will support the ongoing enhancement of the company technology stack and facilitate expansion into regions such as Africa, where small business cross border payment requirements remain largely unaddressed. Verto provides liquidity and price discovery solutions that allow businesses to transact in numerous currencies while reducing foreign exchange costs compared with traditional banking channels.
From the founder
"While traditional peer-to-peer payment platforms often have transaction limits, the Verto platform facilitates payment volumes that are appropriate for MSMEs."
Ola Oyetayo
Co-founder and CEO at Verto
Investor perspective
"Low visibility and traceability, slow speeds and the high costs of cross-border payments all inhibit SME growth across global and emerging markets,"
Monica Brand Engel
Co-founder and Managing Partner, Quona Capital
Use of funds
- 01Expand into international markets
Investors
Monica Brand Engel
Quona Capital
The Treasury
Middle East Venture Partners
TMT Investments
Unicorn Growth Capital
Zrosk Investments
P1 Ventures
