Routefusion, which enables companies to embed cross-border payments within their applications, has scored $3.6m in its seed round.
Silverton Partners served as the lead investor, with additional commitments coming from Initialized Capital, NextWorld Capital and Plaid co-founder William Hockey.
Based in Texas, the company plans to use the capital to support its product expansion, build new global banking partnerships and expand its current partnerships with AFEX, MoneyCorp, Cambridge, Tempus, ReserveTrust, Nium and Buckzy.
Routefusion supplies businesses with a cross-border payments-as-a-service solution. Its API helps neo banks, payroll providers, platforms and marketplaces to offer customers cross-border payment options.
Since the company was founded in 2019, it has increased the number of payments facilitated by the platform month over month. By the end of 2020, the company hit $40m in transactions.
Initialized Capital partner Andrew Lee said, “Routefusion is a hidden fintech gem. In just a few short years, they’ve grown into a multi-million dollar company with an impressive client roster. Their vision and drive has the ability to take payments and flows away from large, traditional banks and existing incumbents, allowing non-fintech companies to offer banking services to their customers.”
As part of the deal, Lee will join the Routefusion board of directors as an observer, while Silverton partner Roger Chen will sit on the board. NextWorld Capital general partner Craig Hanson will also be a board observer.
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