WikiFX report: Cross-border payments challenger VertoFX licensed to bank

Cross-border B2B payments challenger VertoFX has been granted an Electronic Money Institution (EMI) license from the UK Financial Conduct Authority (FCA).

The license allows the firm to on-board UK or EEA businesses, whilst integrating with local banks.VertoFX users will also be able to transfer instantly via wallet-to-wallet transfer.

The London firms customer base spans the US, Europe and Africa. Founded in 2017, its financial technology company is designed to serve the business banking and cross-border payment industry with a focus on emerging markets and illiquid currencies.

The firm serves clients in over 200 countries and through its multi-currency accounts allows them to collect, store, convert and pay in more than 39 currencies.

“The pandemic has accelerated the adoption of digital payments, prompted global business to re-assess their supply chains and the transaction cost of working with global partners as the need to reduce cost becomes paramount in the current economic climate,” said Ola Oyetayo, Co-Founder and CEO, at VertoFX.

“This trend has partly contributed to a +270% increase in our customer base year-on-year; predominantly driven by SMEs who trade and transact with emerging market businesses.”

“Acquiring our e-money license is a key element of our vision to create a more inclusive financial ecosystem for global businesses. VertoFX has invested the last three years in connecting hundreds of people and organisations to a global system that enables fast, safe and reliable financial transactions. However, this is only the beginning, we are excited to pursue our ambitious goals of creating a fairer and more inclusive financial ecosystem – especially for underserved and overcharged market segments!” said Ola Oyetayo, Co-Founder and CEO, at VertoFX.