Fintech startup Routefusion secures $3.6m seed round

Fintech startup Routefusion secures $3.6m seed round

Published: 05-02-2021 10:38:00 | By: Pie Kamau | hits: 1819 | Tags:

Routefusion, a financial technology company focused on providing the easiest and fastest way for tech companies to embed cross-border payments in their applications, has secured $3.6 million in seed funding from venture capital firms in Austin, TX, and San Francisco, CA. The Austin-based company's round was led by Silverton Partners with additional participation from Initialized CapitalNextWorld Capital and William Hockey, co-founder of Plaid

Colton Seal, CEO and Co-founder, Routefusion: "Historically, cross-border transactions involved vast, expansive teams to build out technology and partner relationships. Our team is making cross-border payments as easy as a credit card payment. We're just getting started. Our roadmap for 2021 includes executing nearly a dozen global partnerships, doubling headcount, and continuing to provide superior customer service. It's going to be an exciting year for the entire Routefusion family. Our team is excited to lead the seed round for Routefusion and partner with the company to build the future of fintech. We're impressed by the team's vision for the future of embedded cross-border payments. For tech companies who want to offer international payments to their customers, Routefusion unlocks the ability to manage those payments at scale and change the game with their speed to market."

This capital raised will allow Routefusion 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 the first embeddable cross-border-payments-as-a-service company founded by software engineers for software engineers. Routefusion's 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. 

Since inception, the number of payments facilitated by Routefusion has increased month over month, ending 2020 with nearly $40 million in transactions from its client roster which includes Synapse, Rippling, GrainChain, CardUp, Jeeves, Headcount, and many others. 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. 

routefusion.com