Routefusion

About Routefusion

Routefusion operates as a financial technology firm providing a unified application programming interface (API) to facilitate global cross-border payments. The company was founded in 2019 by software engineers Colton Seal and Richard Scappaticci. Their journey began after they encountered significant obstacles with banking integrations while attempting to launch a neobank, which pivoted their focus to simplifying the complex international payment landscape for other companies.

The company's core offering is a payments-as-a-service platform that enables businesses to embed international payment capabilities into their own products. This service targets neo-banks, payroll providers, ecommerce marketplaces, and other platforms that need to send money globally. Through a single integration with Routefusion's API, clients gain access to a network of over a dozen banking and foreign exchange partners, such as AFEX, MoneyCorp, and Nium. This approach is designed to circumvent the lengthy and cumbersome process of establishing individual relationships with multiple financial institutions worldwide.

Routefusion’s platform supports various payment types, including SWIFT wires and local payment systems, and offers features like multi-currency bank accounts. The system is engineered to reduce implementation time, allowing clients to go live with cross-border payment functionalities in weeks, or even days, rather than months. The business model is primarily usage-based, aligning the company's revenue with its customers' transaction volume, rather than charging large upfront licensing fees. By the end of 2020, the company had processed nearly $40 million in transactions. Total funding reached $14.1 million by early 2022, following a $10.5 million seed round co-led by Canvas Ventures and Silverton Partners. These funds were allocated to expand operations, particularly in Latin America and Africa, and to grow its product and marketing teams.