Fintech Company Earmarks Funds for Global Banking Partnerships and Expanding Services
Routefusion, a financial technology company focused on providing the easiest and fastest way for tech companies to embed cross-border payments in their applications, announced today it has secured $3.6 million in seed funding from venture capital firms in Austin, TX, and San Francisco, CA.
The Austin-based company’s round was led by Silverton Partners with additional participation from Initialized Capital, NextWorld Capital and William Hockey, co-founder of Plaid.
“Historically, cross-border transactions involved vast, expansive teams to build out technology and partner relationships,” shared Colton Seal, CEO and co-founder. “Our team is making cross-border payments as easy as a credit card payment.”
This capital raised will allow Routefusion to continue its self-serve product expansion, help facilitate new global banking partnerships, and expand upon its current partnerships with AFEX, MoneyCorp, Cambridge, Tempus, ReserveTrust, Nium, and Buckzy.
Read More: Fidelity’s eMoney Rolls Out Financial Planning and Wellness App
Founded in 2019 by Colton Seal and Richard Scappaticci, Routefusion is the first embeddable cross-border-payments-as-a-service company founded by software engineers for software engineers. Routefusion’s API enables neo-banks, payroll providers, platforms, and marketplaces to begin offering cross-border payments to their customers in as quickly as two days. With a single integration, Routefusion customers have access to more than seven different banking and FX providers.
Since inception, the number of payments facilitated by Routefusion has increased month over month, ending 2020 with nearly $40 million in transactions from its client roster which includes Synapse, Rippling, GrainChain, CardUp, Jeeves, Headcount, and many others.
“We’re just getting started,” said Seal. “Our roadmap for 2021 includes executing nearly a dozen global partnerships, doubling headcount, and continuing to provide superior customer service. It’s going to be an exciting year for the entire Routefusion family.”
Read More: Latinia Invests In Fintech Company Ábaco To Boost Financial Inclusion In The Region
