Cross-Border Payments Fintech Routefusion Secures $10.5M from Canvas Ventures, Silverton Partners, Others

Routefusion, which claims to offer the most “comprehensive” Fintech solution for unlocking global expansion, has announced their $10.5 million seed “prime” funding round co-led by Canvas Ventures and Silverton Partners along with contributions from other investors.

Other parties in Routefusion’s investment round reportedly include: Haymaker Ventures, Initialized Capital, Sherwin Gandi (co-founder of Jeeves), and Aldrin Clement (co-founder of Novel Bank). Rebecca Lynn, co-founder and general partner at Canvas Ventures, joined Routefusion’s board of directors.

During the last 11 months, the firm has “experienced +200% organic customer growth and +5000% revenue growth,” according to a release.

As explained in the update, Routefusion offers “a simple, fast solution for expanding banking and payment operations internationally.”

As noted in the update, cross-border payments solutions have “historically been centered around large banking institutions, and have been riddled with pain points such as limited accessibility, long settlement periods with high transaction costs, and little transparency for both private consumers and businesses.”

Before Routefusion, small to mid-sized Fintechs had few options for expanding payment and banking operations internationally, “as large banks are reluctant to work with startups, and smaller banks have difficulty implementing cross-border payments at the speed and scale growing fintech companies require.”

With increases in alternative Fintechs like neo-banks, crypto, and financial marketplaces seeking to expand globally, cross-border payment flows “are expected to top $156 trillion by 2022.”

Routefusion claims that it “enables neo-banks, payroll providers, platforms, crypto, and marketplaces to expand their products globally with easy-to-implement embedded financial capabilities such as local and international payments (SWIFT wires) and multi-currency bank accounts.”

With a single integration, Routefusion clients reportedly have access to over a dozen different banking and foreign exchange providers, “including AFEX, MoneyCorp, Cambridge, Tempus, ReserveTrust, Nium, and Buckzy.”

The firm’s financial toolset “enables developers and fintechs to bring a quality global product to market with confidence, and Routefusion’s customers include Synapse, Jeeves, Novel, PaymentLabs, and Wyre.”

With over $14M total raised since 2021, the new infusion of capital will be used to “expand Routefusion’s operations in new markets” with a focus on Latin America (LatAm) and other world regions, “bringing the company’s total reach to more than 180 countries and more than 150 currencies.”

Based in Austin, Texas, Routefusion’s remote-first workforce “operates across North America. With this funding, Routefusion plans to grow its team with strategic hires including product and marketing.”

Colton Seal, co-founder and CEO of Routefusion, stated:

“Gone are the days when go-to-market meant a domestic launch in one market. Today’s most ambitious fintech companies know that in order to win big, they must launch globally. We understand how to expand a company’s product and financial infrastructure, eliminating the obstacles associated with international payments and banking operations. With Routefusion, companies can embrace the global economy and scale across borders and oceans.”

Sherwin Gandi, co-founder of Jeeves, remarked:

“The biggest problem Routefusion solves is not only payment orchestration, but global product expansion. For most companies, the global banking establishment can be a barrier when trying to set up payment options for customers. You have to negotiate with each and every bank, and it’s still not guaranteed that you’ll get approved to work with them. That’s where Routefusion really helps companies grow. They not only streamline compliance but they provide the access to payment rails that can help take your products and services to masses around the globe.”

Rebecca Lynn, co-founder and general partner at Canvas Ventures, added:

“Routefusion solves a pain point felt by every company looking to scale globally, and is uniquely positioned to become the go-to platform to facilitate international financial transactions. Colton Seal, Richard Scappaticci, and the all-star Routefusion team have first-hand experience with the challenges of global payments, and they’re approaching the solution in a modern, easy, transparent way that nobody has attempted to date.”

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