Routefusion, a company that helps provide cross-border finance infrastructure to FinTechs looking to expand, has raised $10.5m in seed prime funding.
The round was co-led by Canvas Ventures and Silverton Partners and also saw participation from Haymaker Ventures, Sherwin Gandi and Initialised Capital. Angel investments came from Jeeves co-founder Sherwin Gandi, Novel Bank co-founder Aldrin Clement and Canvas Ventures co-founder Rebecca Lynn, who will also serve on the Routefusion board of directors.
Founded in 2018, Routefusion’s API allows neo-banks, payroll providers, platforms, and marketplaces to begin offering cross-border payments to their customers in as quickly as 2 days. Routefusion’s onboarding allows users immediately connect with multiple banking, FX, and local payout partners around the globe.
Routefusion claims it has experienced 200% organic customer growth and 5000% revenue growth over the past 11 months.
According to Routefusion, the new infusion of capital will be used to help expand Routefusion’s operations in new markets with a focus on Latin America and Africa, bringing the firm’s total reach to over 180 countries and more than 150 currencies. The company also plans to grow its team with strategic hires including product and marketing.
Routefusion CEO and co-founder Colton Seal said, “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.”
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