Routefusion, an Austin, Texas-based financial technology company for tech companies to embed cross-border payments in their applications, secured $3.6m in seed funding.
The round was led by Silverton Partners with additional participation from Initialized Capital, NextWorld Capital and William Hockey, co-founder of Plaid. As part of their investment, Roger Chen, Partner at Silverton, will join the company’s board of directors and 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.
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.
Founded in 2019 by Colton Seal and 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.
At the end of 2020, the company facilitated nearly $40 million in transactions from its client roster which includes Synapse, Rippling, GrainChain, CardUp, Jeeves, Headcount, and many others.