Verto aims to make global financial transactions easier for businesses of all sizes. As a partner for handling cross-border payments, foreign exchange, and banking solutions, Verto simplifies the complexities of international finance.
The advanced platform enables businesses to both accept and send global payments seamlessly. With over 3,000 clients worldwide and the capability to work with more than 20 exotic currencies, Verto prides itself on being at the forefront of efficiency and innovation in fintech.
What sets Verto apart is its strong focus on emerging markets. These regions are often overlooked and notoriously fragmented in the financial world. By concentrating on these areas, Verto not only makes global payments more accessible but also streamlines complicated transactions through one easy-to-use platform. Whether it’s a treasurer of a US-based bank dealing with fragmented branches in Africa, or a CEO of a UK-based energy company looking to reduce transaction costs to a subsidiary in Kenya, Verto offers competitive FX rates and automated processes to simplify operations.
Based in the UK, Verto leverages its strategic position to work closely with global leaders, regulators, and banks, ensuring accurate risk assessments for transactions within emerging markets. The company’s role goes beyond being a service provider; Verto is a key influencer and innovator in the industry. Recently, Verto launched Verto Marketplace, a groundbreaking product designed for traders, brokers, and treasurers. This platform offers a smoother and more transparent way to trade exotic currencies, meeting a growing market demand.
What was the inspiration behind Verto?
The story of Verto’s inception is quite unconventional. Unlike typical startup origin stories that either revolve around boardroom meetings or lightbulb moments in a coffee shop, Verto was actually born out of a game of poker. In 2017, I was looking for ways to help individuals in the UK, particularly those with families in Nigeria, send money home more efficiently. This led me to set up an online remittance company. Simultaneously, my co-founder Anthony was busy launching a prop-tech company and gearing up to start his MBA.
During one of our poker games, the magic truly happened. Naturally, we started talking about the issues we were facing in our ventures. I mentioned the significant challenges I encountered while paying overseas suppliers, particularly those in emerging markets like Nigeria. The inefficiencies, lack of transparency, and high transactional costs were all obstacles that needed a solution. Right there, we realized the opportunity to address these pain points.
We both decided to quit our jobs and pursue this new venture wholeheartedly. Verto was born from these first-hand experiences and a genuine need to make cross-border financial transactions smoother. Our mission from day one has been clear: to empower individuals, businesses, and organizations by making their international financial transactions seamless, secure, and cost-effective. That poker game didn’t just change our careers – it sparked the creation of what Verto is today, a game-changing platform for global payments.
Who do you admire?
Jamie Dimon, the CEO of JPMorgan Chase, is someone I greatly admire. He occupies the most important position in global financial services and has shown exemplary leadership and strategic thinking in navigating the complexities of the financial world.
Looking back, is there anything you would have done differently?
That is a great question—quite a few things I would have done differently. Top of mind would have been to embrace our emerging markets heritage early and amplify the fact that we are solving a significant pain point for these businesses, which is helping them to seamlessly transact internationally. We spent some time in the early days torn between prioritizing doubling-down on emerging markets capabilities and servicing our developed market customers.
What defines your way of doing business?
My approach to business is deeply rooted in my Nigerian heritage, which has profoundly influenced my perspective as both a Co-Founder and CEO. Growing up with a commercial lens on the world, I’m always on the lookout for ways our company can develop products that solve everyday problems. This pragmatic yet visionary approach drives much of what we do at Verto.
When it comes to leadership, I am constantly reminded that I am an immigrant in a country that has offered me numerous opportunities. This ethos—providing opportunities for all—shapes my leadership style. This belief is reflected in our diverse team at Verto, which has grown to 100 people from over 30 different nationalities. By fostering diversity, we tap into a wide array of strengths, experiences, and viewpoints, making our company stronger and more innovative. I am a firm believer that openness leads to winning ideas. My leadership style is characterized by providing tasks and guidance without resorting to micromanagement. I place value on accountability and trust my team to take ownership of their work. This method not only empowers individuals but also cultivates a collaborative and dynamic working environment where everyone can thrive. In essence, what defines my way of doing business is a combination of a problem-solving mindset, a commitment to opportunity and diversity, and a leadership style grounded in trust and accountability.
What advice would you give to someone starting out?
To achieve lasting success, focus on building relationships that align with your values and goals. Equally important is following through on your commitments. Consistently delivering on promises establishes credibility. A reputation for keeping your word earns respect and loyalty in both your professional and personal life.
Read more:
Getting to Know You: Ola Oyetayo, Co-Founder of Verto