Currency Exchange Platform Founded By Nigerians And Backed By Y-Combinator Raises $2.1M
VertoFX, an Africa- and emerging markets-focused currency exchange platform founded by Nigerian bankers, has raised a $2.1-million seed round.
Backed by Y Combinator, VertoFX is a business-to-business currency exchange platform for international companies and offers access to 18 currencies.
The platform helps companies pay suppliers abroad, collect payments from customers, and make foreign currency transactions globally.
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A currency exchange platform for exotic currencies
London-based VertoFX’s platform makes it possible for businesses and banks to exchange and make payments in Nigerian naira, Ethiopian birr, Egyptian pound, and other African currencies that are typically more difficult and expensive to trade, Techcrunch reports.
These are considered exotic currencies, according to Investopedia.
The platform also supports the more widely-traded currencies such as the U.S. dollar, British pound, and South African rand.
VertoFX is expected to use the $2.1 million seed round to scale its technology, expand its operations to more emerging countries and increase the number of currencies available on its platform, Tech.eu reports.
The fintech company was part of the Y Combinator 2019 winter cohort. The Silicon Valley accelerator is considered one of the world’s most powerful startup accelerator programs.