VertoFX, an African focused currency trading and payment startup raised a $2.1 million in an equity seed round from a consortium of investors led by Accelerated Digital Ventures. VertoFX has a platform that allows businesses and banks to exchange and make payments in exotic foreign currencies that are not traded conveniently by banks. There are around 40 global currencies that are considered exotic or illiquid in emerging markets.
VertoFX was founded in 2017 by Oyetayo and Anthony Oduwole who are former bankers and the company processes an estimated amount of over US$2 million in transaction volumes per month. The company is based in London but has a subsidiary in Lagos, Nigeria. The funding raised will be used for further platform development, adding more currencies and employing more people for compliance activities.