Verto Picks up $10 Million for Cross-Border Payments Play in Emerging Markets
Verto, a global B2B payments platform that allows small and medium-sized enterprises (SMEs) to make payments to their suppliers, today announced that it has closed $10 million in Series A funding.
Quona Capital, an emerging fintech-focused venture capital firm, led the round. Other firms also participated, including Treasury, founded by Betterment’s Eli Broverman and Acorns’ Jeff Cruttenden; Middle East Venture Partners (MEVP); U.K.-based TMT Investments; Unicorn Growth Capital; Zrosk Investment Management; and P1 Ventures.
The lack of interoperability between African currencies is primarily behind why a Kenyan business owner who wants to pay an invoice to another business owner in South Africa with either shillings or rands ends up using the dollar — the currency that powers almost 80% of Africa’s bilateral trade.
Photo courtesy of Eric O. IBEKWEM.