The Milken-Motsepe Prize in FinTech, a $2 million initiative by the Milken Institute and Motsepe Foundation, entices over 3,000 entrepreneurs from 126 countries. Launched in May 2024, the prize saw 400 applications narrowed to 10 semifinalists who presented their innovations at the Milken Institute Middle East and Africa Summit in December 2024.

The prestigious $1 million award, which recognizes companies that are expanding access to capital and financial services for small businesses in emerging and frontier markets, was given out on May 5 at the Milken Institute Global Conference in Los Angeles.

Verto, a global fintech company that powers enterprise-grade cross-border payments, FX, and banking solutions in emerging markets, was named one of three finalists for the Milken-Motsepe Prize in FinTech.

After a rigorous multistage evaluation process that assessed affordability and accessibility, ethical practices, scalability, technological innovation, and the potential for equitable financial access, the fintech company emerged as the winner.

Dr. Precious Moloi-Motsepe, co-founder and CEO of the Motsepe Foundation, commented, “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. My heartfelt congratulations to the winners and all the finalists for demonstrating feasible and impactful solutions that will drive economic activity and shared prosperity in the global South while influencing the financial sector all over the world.”

Verto’s winning platform enables businesses in emerging markets to seamlessly send and receive payments across borders, including exotic currencies in emerging markets. By eliminating intermediary fees, supporting 49 currencies, and ensuring rapid transaction settlement in markets where this was not previously possible, Verto is helping businesses and SMEs in underserved markets access economic prosperity and greater financial inclusion.

“Winning the Milken-Motsepe Prize in FinTech validates our mission to break down barriers in cross-border payments but also provides us with the resources and recognition to accelerate our efforts in empowering businesses across emerging markets. It is a testament to the hard work and dedication of the entire Verto team,” says Verto CEO Ola Oyetayo. 

The Milken-Motsepe Innovation Prize Program, which has awarded over $6 million to over 50 innovators since 2021, has raised nearly ten times the Grand Prize in additional investments, impacting over 530,000 global community members.