London-based currency platform, VertoFX has closed a $2.1 million seed round. The funding round was led by Accelerated Digital Ventures, with participation from Y-Combinator and other Angel investors in Africa.
VertoFX is a payment services provider registered under the UK financial authority. The company was founded in 2014 in London, the United Kingdom by Ola Oyetayo and Anthony Oduwole. The platform has a subsidiary in Lagos, Nigeria and it creates an avenue for businesses and banks to trade conveniently in foreign currencies.
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The platform creates a marketplace and utilizes technology to create liquidity and price discovery for illiquid and lowly traded currencies like; Thai baht, Uruguay pesos, and Iraqi dinar. It currently trades 19 currencies on its platform and offers businesses to 120 different countries.
VertoFX plans to use this newly secured fund to fully develop its platform and expand its currencies offer and expand to new countries. They are currently working to offer market research for currencies on their platform.
The platform was part of Y-Combinators 2019 winter cohort. They processed up to $7 million in transaction volume in June 2019 and currently aims to double the amount.