Verto wins $1 Million at the Milken-Motsepe Fintech Prize
Verto, a UK-based global fintech firm fueling seamless business-to-business cross-border payments, has emerged winner of the Milken-Motsepe Prize in FinTech. This achievement comes with a monetary reward of a $1 million Grand Prize, highlighting Verto’s role in expanding access to capital and financial services for small businesses in emerging and frontier markets.
In Verto’s official release, the company emerged as the winner amongst 400 participants after a rigorous multi-stage evaluation process that assessed affordability and accessibility, ethical practices, scalability, technological innovation, and the potential for equitable financial access.
Launched in 2017 by Ola Oyetayo, while discussing with a friend over a game of poker, Ola found an opportunity to help individuals in the United Kingdom (UK), especially residents with families in Nigeria, send money home by setting up an online remittance company.
Verto has grown into a platform that empowers businesses in emerging markets to seamlessly send and receive payments across borders, including exotic currencies in emerging markets, and hence simplifies international transactions for businesses.
Supporting 49 currencies, Verto delivers rapid settlements in markets where fast, reliable payments were once impossible. With no hidden charges or intermediary fees, Verto is staying true to its aim by helping businesses and SMEs in underserved markets access economic prosperity and greater financial inclusion.
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The Milken-Motsepe Innovation Prize Program is a series of multi-year, multimillion-dollar innovation competitions and awards to advance technological solutions that accelerate progress towards the UN Sustainable Development Goals (SDGs), with a spotlight on Africa.
Verto’s win follows a multi-stage process that included technical reviews, expert judging, and live pitches. Finalists were selected after presenting at the Milken Institute Middle East Africa Summit in Abu Dhabi, and the winner was unveiled at the Global Conference in Los Angeles, California.
“Across the African continent, technology and innovation are disrupting traditional finance and banking approaches,” said Dr. Precious Moloi-Motsepe, co-founder and CEO of the Motsepe Foundation. “Investment in this space is profitable and, more importantly, necessary for financial inclusion. My heartfelt congratulations to the winners and all the finalists for demonstrating feasible and impactful solutions that will drive economic activity and shared prosperity in the global South, while influencing the financial sector all over the world.”
This marks the third major award under the Milken-Motsepe Innovation Prize Program, which has empowered over 50 startups with more than $6 million in funding since 2021. Other prize categories include Agritech and Green Energy, each designed to encourage bold, scalable innovations that tackle pressing economic and environmental challenges across Africa.
With over 3,000 entries from 126 countries, the competition saw 400 applications in the Fintech category alone. The top 10 semi-finalists pitched their groundbreaking solutions at the Milken Institute Middle East and Africa Summit in Abu Dhabi in December 2024. After a rigorous process, Verto was selected as one of three finalists, ultimately claiming the Grand Prize.
“Winning the Milken-Motsepe Prize in FinTech validates our mission to break down barriers in cross-border payments but also provides us with the resources and recognition to accelerate our efforts in empowering businesses across emerging markets. It is a testament to the hard work and dedication of the entire Verto team,” said Verto CEO Ola Oyetayo.
This win is a symbolic milestone as it puts Verto among a rare cohort of innovation-first companies solving deep systemic gaps in access to capital.
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