Routefusion raises $10.5M round to simplify cross-border payments –
Summary
Routefusion co-founders Colton Seal and Richard Scappaticci attempted to launch a neobank in 2016, but they ran into significant hurdles when trying to integrate with banks to help their customers move money to other countries. Angel investors Sherwin Gandhi (co-founder of Jeeves) and Aldrin Clement (co-founder of Novel Bank) also backed Routefusion in the “seed prime” raise. Seal is currently focused on expanding Routefusion’s product offerings in Latin America, Europe, the United Kingdom and Canada, and is pre-emptively exploring different markets in Africa, where he expects to see surging demand in the next two years. Routefusion is the only payments API company other than Stripe founded by two software engineers, which constitutes a competitive advantage, Seal said. Rebecca Lynn, who led Canvas Ventures’ investment in Routefusion, said the company’s developer-friendly approach allows it to onboard customers far more efficiently than legacy providers.
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