Verto, a UK-based business-to-business cross-border payments platform, has been awarded the prestigious $1 million Grand Prize in the Milken-Motsepe Prize in FinTech. The prize, jointly launched by the Milken Institute and the Motsepe Foundation, celebrates companies expanding access to capital and financial services for small and medium-sized enterprises (SMEs) in emerging and frontier markets.
The award was presented during the Milken Institute’s 2025 Global Conference in Los Angeles, following a highly competitive process that attracted over 3,000 entrepreneurs from 126 countries across six continents.
A Platform Tailored for Emerging Markets
Verto’s platform allows businesses to make seamless international payments across 49 currencies – including those traditionally classified as “exotic” in underbanked markets. It does this by eliminating intermediary fees and enabling faster, secure settlements.
Its mission is simple but urgent: empower businesses in underserved regions to engage in cross-border trade without the traditional frictions and high costs associated with foreign exchange and international transactions.
According to Verto CEO and co-founder Ola Oyetayo, “Winning the Milken-Motsepe Prize in FinTech validates our mission to break down barriers in cross-border payments and provides us with the recognition and resources to accelerate our efforts in empowering businesses across emerging markets.”
A Rigorous Global Competition
Launched in May 2024, the Milken-Motsepe Prize in FinTech offered a total of $2 million in funding, including a $1 million Grand Prize and $100,000 grants to each of the 10 semifinalists. The goal of the competition was to identify and support technology-driven solutions that improve access to finance for SMEs in low-income markets.
The process began with over 400 applications, which were then shortlisted to 10 semifinalists. These semifinalists were awarded funds to further develop their solutions and were invited to pitch at the Milken Institute Middle East and Africa Summit in Abu Dhabi in December 2024.
From these pitches, three standout companies were chosen as finalists:
- Chumz (Kenya): A gamified savings app using behavioral nudges to help users build savings in low-cost, engaging ways.
- Oze (Ghana): A digital lending platform for SMEs that digitizes business data to facilitate access to credit.
- Verto (UK): The winning platform focused on seamless, low-cost cross-border business payments.
Finalist teams received not only financial support but also mentorship, exposure to global investors, and the opportunity to showcase their innovations on a world stage.
A Broader Vision for Financial Inclusion
The Milken-Motsepe Prize in FinTech is the third award in the ongoing Milken-Motsepe Innovation Prize Program, which began in 2021. The initiative has so far distributed over $6 million to more than 50 innovators globally. Collectively, participating startups have gone on to raise nearly 10 times that amount in additional investments and impacted more than 530,000 community members worldwide.
Dr. Precious Moloi-Motsepe, co-founder and CEO of the Motsepe Foundation, emphasized the significance of the award:
“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.”
Launch of the Next Innovation Prize
In tandem with announcing Verto’s victory, the Milken Institute and the Motsepe Foundation also launched a new $2 million prize focused on AI and Manufacturing. The award aims to recognize African companies leveraging advanced technologies like artificial intelligence and data analytics to drive innovation and resilience in the manufacturing supply chain.
Registration for the new prize is open until July 31, 2025, with a similar structure to the FinTech competition. The prize will offer significant funding and visibility to innovators improving access to goods, services, and economic opportunity across the continent.
Why Verto’s Solution Matters
The importance of cross-border payment systems tailored for SMEs in developing economies cannot be overstated. Many businesses in these markets still rely on slow, expensive, and often opaque transaction systems, leaving them excluded from the global digital economy.
By creating a platform that eliminates intermediaries and supports a wide array of currencies, Verto enables faster, cheaper, and more transparent transactions. This reduces friction, empowers exporters and importers, and fosters economic growth across borders – particularly in Africa, Asia, and Latin America.
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