VertoFX, a B2B foreign exchange and payment platform, has reportedly raised $2m in its seed round.
Technology-focused venture capital firm Accelerated Digital Ventures led the round, according to a number of reports in the media.
Following the close of the deal, the FinTech is looking to enhance its technology, expand across markets, deepen its operations, and add support for more currencies on the platform. To aid its international expansion plans, the company is looking to form a variety of partnerships.
The company offers a B2B currency exchange marketplace for international businesses, empowering them to pay suppliers worldwide, collect payments from customers and make FX transactions. VertoFX helps businesses save money by leveraging inter-bank exchange rates with zero transaction fees or if preferred, businesses can agree on a rate to exchange at.
Through the platform, businesses can buy and sell any currency or make international payments. A user can either create a new buy/sell order or bid on existing ones on the marketplace.
Last week, payment remittance company Remitly closed a $220m Series E round which was led by Generation Investment Management. The platform enables the quick transferal of money to countries across Africa, Asia, Central Europe, Central America and South America.
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