Routefusion, an Austin-based startup that helps tech companies embed cross-border payments in their applications, has raised $10.5 million in a seed prime funding round co-led by Canvas Ventures and Silverton Partners.
Haymaker Ventures, Initialized Capital, Jeeves co-founder Sherwin Gandi and Novel Bank co-founder Aldrin Clement joined the round.
Routefusion's API enables neo-banks, payroll providers, platforms, crypto, and marketplaces to expand their products globally with easy-to-implement embedded financial capabilities such as local and international payments (Swift wires) and multi-currency bank accounts.
Since its seed round last February, the firm says it has seen more than 200% organic customer growth and 5000% revenue growth.
The latest funding will be used to expand in new markets with a focus on Latin America and Africa, bringing the company's total reach to more than 180 countries and more than 150 currencies.
Colton Seal, CEO, Routefusion, says: "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.
"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."