Verto, a London-based B2B cross-border foreign exchange (FX) and payments enabler for startups and small businesses, said it has acquired a quarter of Silicon Valley Bank (SVB) customers from Africa and the MENA region.
According to the startup’s own data, SVB had nearly 250 clients operating in both regions before its collapse — the American bank provided startups with venture debt, credit cards, and term loans. Thus, it is onboarding over 60 companies and venture firms (some with headquarters in the U.S. and Europe), including Jumia, Chipper Cash and TapTap Send.
After the bank’s collapse, African startups have been forced to review their banking options to cushion them from future eventualities. Founders and investors who spoke to TechCrunch last month said they would hold funds in multiple bank accounts across big financial institutions, which are generally perceived to be safer. They said they would also leverage smaller fintechs such as Brex and Mercury that…
