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Abstract:Cross-border B2B payments challenger VertoFX has been granted an Electronic Money Institution (EMI) license from the UK Financial Conduct Authority (FCA).
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.
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The views in this article only represent the author's personal views, and do not constitute investment advice on this platform. This platform does not guarantee the accuracy, completeness and timeliness of the information in the article, and will not be liable for any loss caused by the use of or reliance on the information in the article.
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