- Routefusion, which works with payroll providers, neo-banks, and more to provide services such as multi-currency bank accounts, has received $10.5m in funding.
- A range of investors have joined the funding round, including the founder of Jeeves – Sherwin Gandhi – and a number of investment organisations.
- “We understand how to expand a company’s product and financial infrastructure, eliminating the obstacles associated with international payments and banking operations,” said a senior figure at Routefusion.
Routefusion, a financial technology firm providing tools for worldwide expansion and cross-border payments, has confirmed that it has raised a significant amount of money in a seed funding round.
Routefusion has raised US$10.5m as part of a funding round led by big players in the sector, according to reports in the press.
The company works primarily with organisations such as payroll providers, neo-banks and other platforms.
It offers them a range of services, including international payment facilities and bank accounts with the capacity to operate in multiple currencies.
The round was led by Silverton Partners and Canvas Ventures.
A series of other leading organisations participated, including Initialized Capital and Haymaker Ventures.
In terms of individuals, meanwhile, Sherwin Gandhi – who set up Jeeves – has joined in.
Aldrin Clement, who jointly set up Novel Bank, is also included on the list of investors.
In a statement, the co-founder and chief executive officer of Routefusion, Colton Seal, said that firms knew that they had to work internationally in order to succeed.
Seal explained that this was true for financial technology companies in particular.
“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,” he said.
He went on to say that the company knew how to help a firm build its financial systems.
“We understand how to expand a company’s product and financial infrastructure, eliminating the obstacles associated with international payments and banking operations,” he explained.
He confirmed that companies would be able to use Routefusion’s services to expand around the world – even in the face of large distances.
“With Routefusion, companies can embrace the global economy and scale across borders and oceans,” he said.
From the investment perspective, meanwhile, Sherwin Gandhi said that it was necessary for investment to happen on a bank-by-bank level at the moment.
“You have to negotiate with each and every bank, and it’s still not guaranteed that you’ll get approved to work with them,” he explained.
However, he pointed out that Routefusion can help in this regard.
“That’s where Routefusion really helps companies grow. They not only streamline compliance but they provide the access to payment rails that can help take your products and services to masses around the globe,” he said.
As developments such as this show, the online money transfer sector is ever-changing – to get more details about what’s going on in the industry, just check out our reviews pages.
