For large organizations operating in Africa, accessing foreign exchange (FX) liquidity when needed is often a painful experience. Banks rarely provide the full amount required in one go, and when they do, the process is slow, opaque, and fragmented. This challenge is what Verto, a London-headquartered fintech, set out to solve.

Founded in 2019 by Ola Oyetayo and Anthony Oduwole, Verto has built a B2B cross-border payments and FX platform that helps businesses send, receive, and exchange money across over 190 countries. The company's origin was modest, starting as a currency exchange marketplace to help businesses swap illiquid African currencies like the naira or franc for more globally traded ones. However, it quickly evolved to add payment infrastructure to its FX engine, positioning itself as a one-stop platform for businesses with international operations.

Verto's competitive edge lies in its ability to offer wholesale pricing, which is 2-3 times better than banks in some cases. According to Oduwole, Verto's CTO, "Sometimes these corporations can't get all the FX they need at once from the bank. We offer competitive rates because we can do wholesale pricing." The company's clients range from consumer internet companies like MTN and Yoco to B2C remittance firms like Flutterwave and D.local, who rely on Verto's infrastructure and liquidity to serve their own end users.

Verto made a deliberate decision to focus on B2B payments, rather than B2C remittances, which is a crowded space dominated by big players like Western Union and MoneyGram. Oduwole explained that entering the B2C space would have required a significant marketing budget and deep operational expertise. Instead, Verto bet on business payments, which is an underserved and largely "unsexy" part of the market. The logic was simple: while remittances dominate the headlines, B2B cross-border transactions dwarf B2C in volume, with the global B2B cross-border payments market worth $31.6 trillion compared to just $1.9 trillion for B2C.

Building infrastructure from scratch was a crucial aspect of Verto's strategy. The company created a dense backend stack, including a compliance engine, FX pricing engine, payments infrastructure, and reconciliation tools. Much of it was built from scratch, as there was no plug-and-play solution available. This infrastructure gives Verto a powerful edge, not only powering its own products but also allowing other businesses to build on top of it.

To overcome friction with legacy African banks, which often struggle to integrate with global banking systems, Verto secured a Payment Services Provider (PSP) license from the UK's Financial Conduct Authority. This allows the startup to connect directly with tier-1 global banks and manage treasury services more efficiently.

Compliance is a critical aspect of Verto's business, as it moves large sums of money across continents. The company has built a smart compliance engine that tracks payment patterns and flags anomalies. If a business usually does quarterly transactions worth $1 million and suddenly spikes to $2 million, the system checks in. Verto also conducts due diligence on beneficiary accounts and taps into international fraud databases, reinforcing its system with AI to flag risks and reduce false positives.

Verto earns revenue from FX transactions, transfer fees, and a 1% commission on its price discovery marketplace. The company claims profitability and processes over $15 billion in FX volumes annually. Its FX management product is the biggest revenue driver, followed by treasury services. However, Oduwole believes its card product, which launched in 2024, may soon overtake them.

Verto operates in a crowded space, competing with players like Kora, Fincra, and older financial institutions like banks. However, it sees banks, not startups, as the biggest threat. According to Oduwole, "Banks don't just do FX. They give credit, manage payroll, and do a lot of the heavy lifting for businesses." Still, Verto believes banks are too slow and rigid to match the flexibility digital platforms offer.

Looking ahead, Verto is focused on expanding its product offerings. Its corporate cards allow businesses to issue expense management cards for international use, and the company has extended the product to freelancers and smaller businesses to unlock new demand. Verto has also rolled out a no-code invoice tool, enabling businesses to send a payment link to international clients to get paid faster. Behind these launches is a broader product strategy: bundling treasury, FX, and payment tools under one roof to keep B2B users in its ecosystem.

Verto's ultimate goal is to become the default financial backend for African businesses with international operations. To get there, it's betting on infrastructure, compliance, and a B2B-first lens. As Oduwole put it, "If you truly want to build a global business, you have to make compliance your core. You might not scale fast, but you'll build a real business—and sleep better at night."