The prestigious $1 million award that recognises companies expanding access to capital and financial services for small businesses in emerging and frontier markets, was presented at the Milken Institute Global Conference in Los Angeles on 5 May.

Verto’s winning platform enables businesses in emerging markets 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 in markets where this was not previously possible, Verto is helping businesses and SMEs in underserved markets access economic prosperity and greater financial inclusion.

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.

Verto emerged as the winner 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 May 2024, the prize saw 400 initial applications narrowed down to 10 semifinalists who pitched their innovations at the Milken Institute Middle East and Africa Summit in Abu Dhabi in December 2024. 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,” says Ola Oyetayo, Verto CEO.

Dr. Precious Moloi-Motsepe, co-founder and CEO of the Motsepe Foundation, commented, “Across the African continent, technology and innovation are disrupting traditional finance and banking approaches. 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 FinTech prize marks the third award under the Milken–Motsepe Innovation Prize Program, which has awarded over $6 million to more than 50 innovators since 2021. Participating teams have collectively raised nearly ten times the Grand Prize in additional investments, impacting over 530,000 community members globally.

About Verto: Verto is a UK-based business-to-business cross-border payments platform that simplifies international transactions for businesses, particularly those in emerging markets. By offering fast, secure, and cost-effective payment solutions across 49 currencies, Verto empowers businesses to thrive in the global economy.

This grants Trade Lenda the opportunity to compete for a $1 million grand prize which will help the startup further enhance its services and expand its impact across Africa, continually driving financial inclusion for SMEs.

Adeshina Adewumi, founder of Trade Lenda, said: “This is a validation of our work, our team’s commitment to driving inclusive access to finance for all SMEs in Africa regardless of their gender or background, starting with Nigeria.”

The Milken-Motsepe Prize in FinTech is a global competition that aims to accelerate financial inclusion and economic development. Trade Lenda will now participate in the Milken Institute Middle East and Africa Conference, which will be held in Abu Dhabi from December 5-8, 2024. 

This event will enable the company to share its mission and achievements with global stakeholders committed to the development of Africa and other emerging markets.

Adeshina Adewumi also noted what the $1 million grand prize could mean for Trade Lenda: “The final, all things being equal, would see us compete for the grand prize of $1 million to enable us to accelerate our distribution channels, strengthen our people and technology, as well as give us an edge to negotiate lower rates for the SMEs we support across our markets.”

Trade Lenda offers a range of services designed to the needs of SMEs, including short-term loans, investment opportunities, and utility payment solutions. 

The company’s loan application process is developed to be simple and accessible, requiring only a BVN number for a quick credit score assessment.

One of the company’s outstanding services is its diverse financing solutions for different sectors, including general merchandise commerce, fast-moving consumer goods (FMCG), clean energy projects, and agricultural commodities. 

This focus on sector-specific support has earned Trade Lenda the trust of over 24,000 SMEs and merchants, with monthly disbursements exceeding ₦1 billion. The company’s financial products range from working capital financing and local purchase order financing to Islamic financing options like Murabaha and Musharakah.

Going further, Trade Lenda aims to continue its mission of driving financial inclusion for SMEs across Africa. The company’s long-term vision aligns with several United Nations Sustainable Development Goals, particularly those related to poverty alleviation, gender equality, and economic growth. 

With this recent achievement in the Milken-Motsepe Prize competition, Trade Lenda aims to take its innovative solutions to the next level, potentially contributing to the creation of 1 million jobs across Africa by 2027.