Products: Multi-currency accounts, APIs, pay-ins and pay-outs
Overview: VertoFX is a marketplace and cross-border payments solution aimed at reducing international payment complexities. Launched in 2017 and headquartered in London, the company provides a single destination platform for cross-border and domestic payments. Its services are built on core global banking capabilities, with local payment partners using digital technology.
Verto enables businesses to instantly send and receive money in more than 200 countries. Its liquidity and price discovery marketplace solution means users can convert between 39 currencies, quickly open bank accounts or wallets, and make payments on the single platform.
The company has a strong focus on emerging market economies, with the purpose of addressing the challenges faced by businesses experiencing a lack of foreign exchange (FX) liquidity, poor access to competitive FX rates and inability to move funds quickly and securely without incurring excessive transaction fees. It says it is driven by financial inclusion, providing access to “frictionless and unbiased” transactions, payments, savings, credit, investment, and insurance, in a “responsible and sustainable way”.
Financial solutions offered include multi-currency accounts, e-wallets, and UK accounts.
Clients: B2B clients from industries including fintechs, startups, importers and exporters, wholesalers, and financial institutions.
Active region(s): Head office in the UK, operational in the US
Partners: Clearbank, Currency Cloud
Employees: 35 and growing across two locations
Funding: $3.2m, five seed fund investors
Ownership: 2 Co-Founders
Elevator pitch: “Connecting all businesses to the world, VertoFX enables businesses to make faster, cheaper, and easier cross-border payments by providing access to more than 200 payment destinations and 39 currencies, with a strong focus on emerging markets.”
TMI view: Fintechs such as VertoFX fill a gap that has seen smaller businesses often pay over the odds for cross-border payments. Its emerging market focus is an interesting USP in this space.
Verdict: A strong focus on emerging-market economies makes VertoFX an appealing proposition for businesses looking to grow into new overseas territories.