US-based embedded cross-border payments provider Routefusion has secured $3.6m in a seed funding round to support its product expansion.
The funding round was led by Silverton Partners, which was joined by Initialized Capital, NextWorld Capital and Plaid co-founder William Hockey.
Routefusion will use the fresh capital to continue its self-serve product expansion and form partnerships with global banks.
The company will use the funds to expand its existing partnerships with companies including AFEX, MoneyCorp, Cambridge, Tempus, ReserveTrust, Nium, and Buckzy.
Founded in 2019, the fintech startup is the first embeddable cross-border-payments-as-a-service (PaaS) company.
Its API allows neobanks, payroll providers, platforms, and marketplaces to offer cross-border payments to their customers within two days.
This integration provides Routefusion customers with access to over seven different banking and foreign exchange (FX) service providers.
Last year, the company processed nearly $40m in transactions from clients including Synapse, Rippling, GrainChain, CardUp, Jeeves, Headcount, and others.
Routefusion co-founder and CEO Colton Seal said: “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.
“Our roadmap for 2021 includes executing nearly a dozen global partnerships, doubling headcount, and continuing to provide superior customer service. It is going to be an exciting year for the entire Routefusion family.”
Silverton partner Roger Chen said: “Our team is excited to lead the seed round for Routefusion and partner with the company to build the future of fintech.
“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.”
Initialized Capital partner Andrew Lee said: “Routefusion is a hidden fintech gem. In just a few short years, they have grown into a multi-million dollar company with an impressive client roster.
“Their vision and drive has the ability to take payments and flows away from large, traditional banks and existing incumbents, allowing non-fintech companies to offer banking services to their customers.”