- Routefusion, which offers an innovative application programming interface (API) to tech-focused financial firms that allows them to expand their international payments offerings, has received over US$3m.
- It came from a number of sources, including NextWorld Capital, and it will take the form of seed funding.
- A leading figure at the company said that the company’s goal was to reduce barriers to international payments so that they were as simple as paying by card.
A firm from Texas that specialises in helping technology firms get better at online money transfers has received US$3.6m in investment.
Routefusion, which is based in the city of Austin, received the money in the form of seed funding from a range of investors.
These include NextWorld Capital and Initialized Capital, as well as some from William Hockey, who co-founded the fellow fintech company Plaid.
It intends to spend the money on expansions of products, such as its self-service offer, and on helping to create new relationships with banks.
It will also use some of the cash to expand its work with firms such as Nium and Tempus.
Routefusion’s work focuses on companies such as payroll firms, ‘neobanks’ and other such tech-savvy companies to add international money transfers to their list of services and features.
It does this through the offering of an application programming interface (API).
Currently, Routefusion is compatible with a range of financial services partners such as banks – with over seven in total currently on the books.
This is expected to rise once the investment is received.
It is believed that a number of senior leaders from the investment companies involved will now join the board of Routefusion.
Roger Chen, who is part of the team at Silverton, will become a fully fledged director.
A representative from Initialized Capital will take on an observation position.
In a statement, the firm’s chief executive officer Colton Seal contextualised the development in a landscape of tough historic challenges for firms building cross-border payments solutions.
Seal, who is also a co-founder of the firm, described the company’s ultimate end goal as making international money transfers as simple as paying on a bank card.
“Historically, cross-border transactions involved vast, expansive teams to build out technology and partner relationships,” he said.
“Our team is making cross-border payments as easy as a credit card payment.”
He also went on to add more information about the company’s plans for the rest of the year.
This is understood to include making a range of new hires to help deliver the growth programme.
“Our roadmap for 2021 includes executing nearly a dozen global partnerships, doubling headcount, and continuing to provide superior customer service,” he said.
Routefusion is a relatively new company, having been founded as recently as 2019.
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