Business: B2B Cross-Border Payment Provider
About Ola and VertoFX
VertoFX began with a commitment to create a more inclusive finance and business landscape; to consistently ensure companies, irrespective of size and net worth, have access to the global financial system, regardless of where they are based.
The idea to create a marketplace solution that makes cross-border payment complexities simple for everyone surprisingly originated from a poker game between two friends.
VertoFX is a single destination platform that enables businesses to make cost-effective cross-border and domestic payments quickly and securely worldwide. They are a start-up, backed by the YCombinator, that is committed to solving the fragmented landscape of cross border payments in emerging market economies.
They address the multitude of challenges businesses in these emerging markets face, such as a lack of foreign exchange liquidity, poor access to competitive foreign exchange rates, and the inability to move funds quickly and securely without incurring excessive transaction fees. VertoFX ultimately wants to become the go-to platform for businesses in emerging market economies, which is why they are always working on various products to continue to deliver their mission to build “modern banking” solutions for all businesses around the world.
They have built a price discovery platform that has the potential to become their very own Bloomberg FX terminal with the hope of making the Intra-Africa currency conversion problem a thing of the past. Combined with their innovative instant payout via wallet, businesses can potentially stop using their local banks, ultimately allowing free flow of payments across borders, even in emerging markets.