By VertoFX, a London-based foreign exchange (FX) platform and cross-border payments solution, has acquired Indian software developer and engineering innovation studio Locusnine.
In a blog post announcing the news Thursday (Aug. 18), the companies said Locusnine has been an important partner for VertoFX since 2019, when the two firms first started working together to build Verto’s cross-border payments platform.
“Right from the very first line of code, we knew this would grow to be more than a partnership,” said Verto CEO and co-founder Ola Oyetayo. “The ethos and values of the Locusnine team were perfectly aligned with Verto’s; customer first, be the best, champion the mission and go the extra mile. We are truly delighted to be welcoming some of the brightest engineering minds into the Verto team.”
Verto said it has always leveraged strategic partnerships to help innovate and build up its global infrastructure for cross-border payments, and noted that the acquisition will “super-charge” its strategy.
Sumit Maingi, co-founder of Locusnine, added: “Verto and Locusnine’s shared focus on building the products that transform businesses and create a positive impact made the choice to come together so organic. We are truly excited by the breadth of opportunities to build with a shared vision of creating global cross-border payment solutions that simplify the lives and experiences of businesses across the globe. Let’s build!”
Last year, VertoFX joined forces with Banking Circle to incorporate its virtual IBAN solution and local payment rails into Verto’s cross-border payment flows.
See also: Currency Exchange Marketplaces Accelerate Supplier Payments for Emerging Markets SMBs
Discussing the partnership with PYMNTS in an interview, Oyetayo said that access to Banking Circle’s local payment rails will allow Verto to bypass the expensive and slow traditional banking network to deliver payments without the need for a physical presence.
“It creates the ability for us to issue our business customers multicurrency accounts, which means … I can basically say I’ve sold you these goods in dollars, you can make the payment into my dollar account which Verto hosts,” he explained.
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