UK-based FinTech startup Verto has won the $1 million Grand Prize in the Milken-Motsepe Prize in FinTech. The company emerged as a standout player in a competition that attracted over 400 global applications. The prize recognizes innovators expanding access to capital and financial services for small businesses in emerging and frontier markets.
For businesses in Kenya this win is a clear sign that solutions built to solve our real-world financial challenges like slow, expensive cross-border payments are finally getting the global recognition and backing they deserve.
At its core, Verto is a B2B cross-border payments platform. But for the many SMEs, startups, and informal traders in Nairobi, Lagos, Kigali, and beyond, it represents something much bigger: a chance to move money across borders quickly, affordably, and in over 49 currencies without the usual bank intermediaries eating up margins.
“Winning the Milken-Motsepe Prize in FinTech validates our mission to break down barriers in cross-border payments,” said Ola Oyetayo, CEO and co-founder of Verto. “It gives us the resources and recognition to accelerate our efforts in empowering businesses across emerging markets.”
The Milken-Motsepe Prize competition launched in May 2024 and went through a rigorous multi-stage evaluation process. Out of over 3,000 initial expressions of interest from 126 countries, only 10 semifinalists were selected.
In a country like Kenya where entrepreneurs have challenges paying suppliers in Asia or receiving payments from clients abroad, Verto’s solution hits close to home. Traditional banks charge high fees and often settle payments over several days. Verto promises near-instant settlement even in currencies like the Kenyan Shilling, Ghanaian Cedi, or Nigerian Naira.
The prize, jointly organized by the Milken Institute and the Motsepe Foundation, focuses on scalable, ethical, and impactful FinTech innovations. Dr. Precious Moloi-Motsepe, CEO of the Motsepe Foundation, noted:
“Across the African continent, technology and innovation are disrupting traditional finance and banking approaches. Investment in this space is not only profitable—it is necessary for financial inclusion.”
Since its inception, the Milken–Motsepe Innovation Prize Program has awarded more than $6 million to over 50 innovators, with participating startups collectively raising nearly 10 times the prize value in additional investments.
Why This Matters for Kenyan Startups
Kenya has long been celebrated as a FinTech hub, with platforms such as M-PESA having a huge impact on the local population. Even though this is the case, when it comes to cross-border B2B payments, many businesses still face high costs and many other challenges.
Platforms like Verto offer a way for Kenyan e-commerce merchants, SaaS providers, and exporters to plug into the global economy without being slowed down by outdated banking systems.
Also Read: Verto Launches Global Business Award to Empower Early-Stage Startups in Africa