Nigerian B2B Payments Platform Verto raises $10m Series A round to Scale

Nigerian B2B payments platform Verto, has raised $10m in a Series A funding round as it aims to expand its service delivery region.

The funding round led Quona Capital, alongside The Treasury, Middle East Venture Partners (MEVP), TMT Investments, Unicorn Growth Capital, Zrosk Investments, and P1 Ventures.

Verto was launched in 2018 by the duo of Ola Oyetayo and Anthony Oduwole. Verto provides a fast, simple, and reliable way for SMEs to make payments to their suppliers in over 200 countries and is available across 39 currencies.

Verto has been able to use its service to eliminate payment frictions in the marketplace. The startup has enhanced payment efficiency for businesses, especially where one of the currency pairs is an illiquid currency.

Ola Oyetayo co-founder of Verto spoke and the need importance of Verto to MSMEs and the startup’s plan to expand.

“While traditional peer-to-peer payment platforms often have transaction limits, the Verto platform facilitates payment volumes that are appropriate for MSMEs.

“We plan to expand our presence in emerging markets with this fund through a suite of top-class tech stacks,” said Oduwole. “Geographically, this is an essential step towards our mission of “making international payments simple, fast, and cheap. Our purposefully built tech infrastructure and payment rails enable instant cross-border payments in a way that is exciting for businesses,” Oyetayo said.

Monica Brand Engel, co-founder, and managing partner at Quona Capital also added that: “Verto’s innovative platform addresses these pain points, removing friction to make international payments fast, simple, and reliable – a key component of SME growth. We are proud to support Verto in this important and impactful work,”.

Verto intends to use the investment to continue building out its platform, and accelerate its geographical expansion into other emerging markets in Africa.