A graduate of the prestigious YCombinator accelerator in the United States has returned to London and raised a $2.1 million seed round.
The start-up was part of the latest YCombinator cohort and has seen 20 per cent month-on-month growth in transaction volumes since launch.
Founded in 2017 by Nigerian-born British ex-bankers Anthony Oduwole and Ola Oyetayo, VertoFX provides a one-stop service that lets companies gain easy access to foreign currencies and make international payments to their suppliers abroad seamlessly.
Since its launch the company has gained FCA approval, opened accounts in 19 currencies and is currently processing millions of dollars in monthly transaction volumes for businesses.
It is now targeting a move into Africa.
“We are in the early stages of helping businesses in emerging markets solve a significant problem they currently face and the funds we have raised will help put some fuel in our bus for the journey,” co-founder and CEO Ola Oyetayo said.
“We spoke to a number of investors after YC’s demo day but ADV’s patient capital ethos resonated strongly with Anthony and I.
“We are glad to have them and everyone else that participated in the round on board and are especially thankful to YCombinator for teaching us to build something people want.”
Tong Gu, investment lead at Accelerate Digital Ventures, commented: “The VertoFX team has already shown an incredible amount of tenacity in relocating for the YCombinator programme.
“This will stand them in good stead as they embark on a huge mission and deliver their solution to the worlds emerging markets.
“With the product, regulatory license and team already in place, the team has made great progress and we’re so excited to be part of this journey with them.”