Verto Acquires a Quarter of MEA Customers of the Silicon Valley Bank

In recent news, Verto has reportedly acquired a quarter of the customers from Africa and MENA of the Silicon Valley Bank following its collapse.

Depositing money with U.S. banks is the most popular option for African startups but most of them rarely meet the conditions of doing so. Meanwhile, companies like us have simple banking solutions built and catered for startups based in Africa and other emerging markets. While we had been building this product, we recently launched in beta in light of these events where we’ve got an influx of demand from some startups and VCs.

Anthony O., Co-founder and CTO, Verto

From the moment we receive your funds for the execution of a payment service or for loading your wallets, we treat those funds immediately as funds to be safeguarded and will ensure they are not commingled with other funds. These funds are marked as ‘relevant funds’ to be safeguarded at all times and we move all relevant funds to the designated safeguarding accounts. We keep records of our client’s balances held with us and reconcile these daily so that we are never short on funds being safeguarded.

Statement by Verto