Fintech Firm Routefusion Secures $10.5 Million in Funding

Austin-based financial technology solutions provider, Routefusion has raised a total of $10.5 million in funding for its international expansion. According to the company, its cross-border payment solutions saw a surge in demand during 2021.

Canvas Ventures and Silverton Partners co-led the $10.5 million investment round of Routefusion. Haymaker Ventures, Initialized Capital, Sherwin Gandi (the Co-Founder of Jeeves), and Aldrin Clement (the Co-Founder of Novel Bank) also joined the financing.

Routefusion outlined that the cross-border payment solutions were extremely centralized around large banking institutions during the last few years. However, with the emergence of new technologies, SMEs now have a broad range of options for the expansion of their payment and banking operations.

According to an estimate, global cross-border payment flows are expected to hit $156 trillion by the end of 2022. The emergence of neo-banks and crypto have caused a massive jump in the total cross-border payment volumes.

"Gone are the days when go-to-market meant a domestic launch in one market. Today's most ambitious fintech Fintech Financial Technology (fintech) is defined as ay technology that is geared towards automating and enhancing the delivery and application of financial services. The origin of the term fintechs can be traced back to the 1990s where it was primarily used as a back-end system technology for renowned financial institutions. However, it has since grown outside the business sector with an increased focus upon consumer services.What Purpose Do Fintechs Serve?The main purpose of fintechs would be to suppl Financial Technology (fintech) is defined as ay technology that is geared towards automating and enhancing the delivery and application of financial services. The origin of the term fintechs can be traced back to the 1990s where it was primarily used as a back-end system technology for renowned financial institutions. However, it has since grown outside the business sector with an increased focus upon consumer services.What Purpose Do Fintechs Serve?The main purpose of fintechs would be to suppl Read this Term companies know that in order to win big, they must launch globally," said Colton Seal, the Co-Founder, and CEO of Routefusion. "We understand how to expand a company's product and financial infrastructure, eliminating the obstacles associated with international payments Payments One of the bases of mediums of exchange in the modern world, a payment constitutes the transfer of a legal currency or equivalent from one party in exchange for goods or services to another entity. The payments industry has become a fixture of modern commerce, though the players involved and means of exchange have dramatically shifted over time.In particular, a party making a payment is referred to as a payer, with the payee reflecting the individual or entity receiving the payment. Most commonl One of the bases of mediums of exchange in the modern world, a payment constitutes the transfer of a legal currency or equivalent from one party in exchange for goods or services to another entity. The payments industry has become a fixture of modern commerce, though the players involved and means of exchange have dramatically shifted over time.In particular, a party making a payment is referred to as a payer, with the payee reflecting the individual or entity receiving the payment. Most commonl Read this Term and banking operations. With Routefusion, companies can embrace the global economy and scale across borders and oceans."

Since 2021, Routefusion has raised more than $14 million. With the latest funding, the company aims to expand into new Latin American and African markets.

International Payments

For small companies, global money transfer has always been a big issue. According to Routefusion, its services will facilitate companies in an efficient and secure environment.

"Routefusion solves a pain point felt by every company looking to scale globally and is uniquely positioned to become the go-to platform to facilitate international financial transactions," said Rebecca Lynn, the Co-Founder and General Partner at Canvas Ventures.