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Nigeria’s B2B payments platform, Verto, closes $10m to accelerate growth

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Verto, a Nigerian B2B payment startup, on Friday, closed a US$10 million Series A round to accelerate growth as it seeks to expand its footprint.

The B2B payments platform provides a fast, simple, and reliable way for small and medium-sized enterprises (SMEs) to make payments to their suppliers in over 200 countries across 39 currencies.

In 2018, the startup was co-founded by Ola Oyetayo and Anthony Oduwole, who thought to developed a global payments platform that uses a marketplace solution to match businesses efficiently.

Today, through the startup’s three main products of payments, exchange and multi-currency account; business owners can send cross-border B2B payments at FX rates up to nine times cheaper than they could through traditional banks.

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Since its inception, the startup has helped more than 2,000 customers from startups to SMEs to large corporate companies facilitate billions of dollars in transactions on a yearly basis.

The new raiser is led by Quona Capital, alongside The Treasury, Middle East Venture Partners (MEVP), TMT Investments, Unicorn Growth Capital, Zrosk Investments and P1 Ventures.

Speaking on the development, cofounder Oduwole noted that the plan is to use the fund to expand its operations.

He said: “We plan to expand our presence in emerging markets with this fund through a suite of top-class tech stacks.

“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 really exciting for businesses.”

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