Routefusion, a U.S.-based fintech focused on providing the easiest and fastest way for tech companies to embed cross-border payments in their applications, announced on Tuesday it raised $3.6 million through its seed investment round, which was led by Silverton Partners with participation from Initialized Capital, NextWorld Capital and William Hockey, co-founder of Plaid.
Founded in 2018, Routefusion stated 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.
“Routefusion’s easy on-boarding allows you to immediately connect with multiple banking, FX, and local payout partners around the globe, ensuring that all of your requirements are met. No more sales processes, no more NDA’s signed, and no more miserable developer docs to sort through. We are a one-stop-shop for all of your international payment needs.”
Routefusion further revealed that seed round’s funds will allow it 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. As part of the 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. Chen added:
“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.”