Routefusion, an Austin, Texas-based financial technology company for tech companies to embed cross-border payments in their applications, securedĀ $3.6mĀ in seed funding.
TheĀ round was led byĀ Silverton PartnersĀ with additional participation fromĀ Initialized Capital,Ā NextWorldĀ Capital andĀ William Hockey, co-founder ofĀ Plaid.Ā As part of their investment,Ā Roger Chen, Partner atĀ Silverton, will join the company’s board of directors andĀ Andrew Lee, Partner at early-stage venture capital firm Initialized Capital, will hold a board observer seat. Craig Hanson, General Partner at NextWorld Capital, will also hold a board observer seat.Ā
The company intends to use the funds 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.Ā
Founded in 2019 byĀ Colton SealĀ andĀ Richard Scappaticci, Routefusion is an embeddable cross-border-payments-as-a-service company. Its 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.Ā
At the end of 2020, the company facilitated nearlyĀ $40 millionĀ in transactions from its client roster which includes Synapse, Rippling, GrainChain, CardUp, Jeeves, Headcount, and many others.Ā
FinSMEs
02/02/2021