VertoFX, a global B2B payments platform that allows small and medium-sized enterprises (SMEs) to make payments to their suppliers, today announced that it has closed $10 million in Series A funding.
Quona Capital, an emerging fintech-focused venture capital firm, led the round. Other firms also participated, including The Treasury, founded by Betterment’s Eli Broverman and Acorns’ Jeff Cruttenden; Middle East Venture Partners (MEVP); U.K.-based TMT Investments; Unicorn Growth Capital; Zrosk Investments; and P1 Ventures.
The lack of interoperability between African currencies is primarily behind why a Kenyan business owner who wants to pay an invoice to another business owner in South Africa with either shillings or rands ends up using the dollar — the currency that powers almost 80% of Africa’s bilateral trade.
As trade and supply chains become increasingly global, international payments remain a complicated and expensive proposition. The case is particularly problematic in emerging markets like Africa, where local currencies are less liquid than those in developed markets. Continue reading
Image: VertoFX