A Nigerian-founded, UK-based fintech has won the $1 million Milken-Motsepe Prize in FinTech, a competition backed by billionaire philanthropists to support financial innovation in emerging markets.
Verto, a business-to-business (B2B) cross-border payments platform, was awarded the prize for its solution that enables companies in Africa and other emerging markets to send and receive international payments with reduced fees, support for 49 currencies, and faster settlement times.
The award is part of the Milken-Motsepe Innovation Prize Program, a series of multimillion-dollar competitions aimed at tackling economic and environmental challenges in Africa. Fintech is the third sector to be recognised, following previous prizes in agriculture and green energy.
Why Verto Won
Verto’s platform targets a critical pain point in African commerce: high costs and inefficiencies in cross-border transactions. By eliminating intermediary fees and speeding up settlements, the startup aims to make global trade more accessible for small and medium-sized businesses (SMBs) in emerging economies.
“Investment in fintech is not just profitable — it’s necessary for financial inclusion,” said Dr. Precious Moloi-Motsepe, co-founder and CEO of the Motsepe Foundation, which partnered with the Milken Institute to launch the prize.
“The winners and finalists have demonstrated solutions that can drive economic activity and shared prosperity in the Global South while influencing the financial sector worldwide,” she added.
Africa’s fintech sector has seen rapid growth, with startups raising $2.2 billion in 2024 despite a global funding downturn, according to Briter Intelligence. Cross-border payments, digital banking, and financial inclusion remain key areas of innovation.
Verto, which has offices in London and Lagos, joins other African fintechs like Flutterwave and Chipper Cash in addressing the continent’s fragmented payment systems. The $1 million prize could help the company expand its reach and further develop its technology.
Next Up: $2M AI and Manufacturing Prize
Alongside the fintech award, the Milken Institute and Motsepe Foundation announced a new $2 million prize focused on AI and manufacturing in Africa. The competition, open until July 31, seeks startups and established companies using AI to strengthen supply chains, create jobs, and improve access to essential goods.
“We’ve seen visionary thinkers in agriculture and fintech — now we’re looking for bold entrepreneurs transforming manufacturing with AI,” said Dr. Emily Musil, MD of Environmental and Social Innovation at the Milken Institute.
Since its launch in 2021, the Milken-Motsepe program has awarded over $6 million to more than 50 innovators, with participating teams raising nearly 10 times the prize money in follow-on funding.
What’s Next for Verto?
With the $1 million prize, Verto plans to scale its operations, deepen its market presence, and potentially explore new financial products. The win also positions the company as a key player in Africa’s evolving fintech ecosystem.
As cross-border trade grows, solutions like Verto’s could play a crucial role in reducing friction for African businesses — if they can navigate regulatory hurdles and increasing competition in the space.
For now, the spotlight is on how this million-dollar boost will accelerate Verto’s mission — and whether AI-driven manufacturing innovations will follow suit in the next round of prizes.