London-based B2B currency marketplace VertoFX raises $2.1m seed round

VertoFX a London-based B2B currency exchange marketplace has raised a $2.1-million seed round led by Accelerated Digital Ventures (ADV).

The startup was founded in 2017 by Nigerian-born ex-bankers Anthony Oduwole (pictured above, left) and Ola Oyetayo (pictured above, right).

The startup’s platform enables users to exchange currencies with other businesses as well as to make international payments to their suppliers.

Tech news and business market intelligence site Tech.eu said in an article on Friday ( 19 July) that the startup will use the seed round to scale its technology, expand its operations to emerging countries as well as increase the number of currencies available on its platform.

VertoFX was founded in 2017 by Ola Oyetayo and Anthony Oduwole

VertoFX, the same publication reported, currently supports 19 currencies on its platform and has gained approval from the UK’s Financial Conduct Authority.

It is not yet clear when the deal was concluded, Ventureburn sought comment from the startup on this and details around its user numbers but had not received a response at the time of publication.

Oyetayo told US tech publication TechCrunch in an article last week that the startup is also looking to offer market research on the currencies it trades.

VertoFX was part of the Y Combinator 2019 winter cohort where it likely raised $150 000 from the US accelerator (see this story). In 2018, the startup was one of 30 startups selected to pitch at DEMO Africa conference in Casablanca, Morocco.

Read more: Here are the African startups that pitched at Y Combinator’s Winter 2019 Demo Day
Read more: DEMO Africa announces top 30 finalists set to pitch at Casablanca conference

Featured image: VertoFX founders Anthony Oduwole and Ola Oyetayo (Twitter)