Cross-border Payments Fintech Routefusion Raises $10.5M to Drive Global Expansion

Routefusion, the most comprehensive fintech solution for unlocking global expansion, recently announced their $10.5 million Seed Prime Funding Round co-led by Canvas Ventures and Silverton Partners with participation from 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. In the past 11 months, the company has experienced +200% organic customer growth and +5000% revenue growth.

Routefusion 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 customers have access to more than a dozen different banking and foreign exchange providers, including AFEX, MoneyCorp, Cambridge, Tempus, ReserveTrust, Nium, and Buckzy. The company'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 more than $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 Africa, 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.

"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," said Colton Seal, co-founder and CEO of Routefusion. "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."

(Source: PR Newswire)