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 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 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.
