Routefusion, the most comprehensive fintech solution for unlocking global expansion, today announces 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. Cross-border payments solutions have historically been centered around large banking institutions and have been riddled with pain points such as limited accessibility, long settlement periods with high transaction costs, and little transparency for both private consumers and businesses. Prior to Routefusion, small to mid-sized fintech companies had few options for expanding payment and banking operations internationally, as large banks are reluctant to work with startups, and smaller banks have difficulty implementing cross-border payments at the speed and scale growing fintech companies require. With increases in alternative fintechs such as neo-banks, crypto, and financial marketplaces seeking to expand globally, cross-border payment flows are expected to top $156 trillion by 2022.
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.