Payments platform Verto wins Ksh.129M Milken-Motsepe Prize in FinTech

Verto, the business-to-business (B2B) cross-border payment solutions provider, has been named winner of the $1 million (Ksh.129 million) Milken-Motsepe Prize in FinTech.

The award recognises companies expanding access to capital and financial services for small businesses in emerging and frontier markets and was presented at the Milken Institute Global Conference in Los Angeles, U.S., on May 5.

Verto’s platform enables businesses to seamlessly send and receive payments across borders, including exotic currencies in emerging markets by eliminating intermediary fees, supporting 49 currencies, and ensuring rapid transaction settlement.

The London-based fintech company entered Kenya in 2023 with a focus on firms in tourism and travel, education, telecommunications, and those in the importer-exporter field.

The Milken-Motsepe Prize in FinTech, a $2 million initiative by the Milken Institute and the Motsepe Foundation, attracted over 3,000 entrepreneurs from 126 countries.

Launched in May 2024, the prize saw 400 initial applications narrowed down to 10 semi-finalists who pitched their innovations at the Milken Institute Middle East and Africa Summit in Abu Dhabi in December 2024.

“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," said Verto CEO Ola Oyetayo.

The FinTech prize marks the third award under the Milken–Motsepe Innovation Prize Program, which says it has awarded over $6 million to more than 50 innovators since 2021.