Cross-border payments technology provider Routefusion plans to expand its embedded software services and global partnerships after a recent funding round.
Routefusion, of Austin, Texas, secured $3.6 million in seed funding from venture capital firms Silverton Partners in Austin and Initialized Capital, Next World Capital and William Hockey, co-founder of Plaid, all based in San Francisco.
“Historically, cross-border transactions involved vast, expansive teams to build out technology and partner relationships,” Colton Seal, CEO and co-founder of Routefusion, said in a Tuesday press release. “Our team is making cross-border payments as easy as a credit card payment.”
In addition to finding new partners for its market expansion plans, Routefusion intends to use the funds to expand services through work with current partners AFEX, MoneyCorp, Cambridge, Tempus, ReserveTrust, Nium and Buckzy.
Routefusion provides its payments-as-a-service function through an API to neobanks, payroll providers, platforms and marketplaces. Those institutions can begin offering cross-border payments to their customers in as quickly as two days with the Routefusion software, the company said.
The single integration gives Routefusion customers access to more than seven different banking and FX providers.
Since beginning operations in 2019, Routefusion has seen the number of payments it has facilitated grow monthly, ending 2020 with nearly $40 million in transactions and a client roster that includes Synapse, Rippling, GrainChain, CardUp, Jeeves and Headcount.
“Our roadmap for 2021 includes executing nearly a dozen global partnerships, doubling headcount and continuing to provide superior customer service," Seal said.
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.
"Our team is excited to lead the seed round for Routefusion and partner with the company to build the future of fintech,” Chen said in the release. "We're impressed by the team's vision for the future of embedded cross-border payments."
