Verto Processes $250 Million Monthly in African Cross-Border Payments

From Poker Table to Payment Platform

Ola Oyetayo and Anthony Oduu discovered their business opportunity during regular poker games with fellow Nigerian expatriates working in London’s financial district. The poker group’s consistent complaints about expensive and cumbersome money transfers to Africa sparked the idea for Verto in 2018. Oyetayo, a former accountant, and Oduu, who had worked at major banks including Barclays and Bank of America, decided to leave their secure City jobs to address this market gap.

The company began operations from a WeWork office, initially conducting transactions through WhatsApp groups before developing their current technology platform. Verto secured $2 million in seed funding in 2019, followed by a $10 million Series A round in 2021, with notable angel investor Iyin Aboyeji supporting the venture.

Scaling Across Currency Challenges

Verto now employs 200 people across seven global offices and handles 50 different currencies from the Nigerian naira to the Kenyan shilling. The company reports that 70% of its business involves small African enterprises purchasing overseas services. According to Oyetayo, the cross-border payments market across key African markets generates approximately $5.5 billion annually, with Africa-China trade alone reaching $282 billion per year.

However, regulatory complexity remains a significant obstacle. Oyetayo explained that entering new markets can take up to three years due to varying regulatory requirements across different countries. Currency controls and foreign exchange shortages also create operational challenges, particularly when converting local currencies for international payments. Despite these hurdles, the company plans expansion into North Africa, including Egypt, while strengthening its presence in francophone regions.