Routefusion, a cross-border payment infrastructure platform, has raised USD 10.5 million in “seed Prime” funding co-led by Canvas Ventures and Silverton Partners, with participation from Haymaker Ventures, Initialized Capital, Sherwin Gandi, and Aldrin Clement. The funding comes less than a year since the company raised USD 3.6 million in seed funding in February 2021, and brings its total funds raised up to USD 14.2 million.

The funds will be used to expand its global presence, particularly in Latin America and Africa, to reach around 180 countries and over 150 currencies. It also intends to expand its workforce to over 40 employees by the end of the year (from around 20 currently), particularly in product and marketing teams.

In the past 11 months, the company’s revenue reportedly grew by around 5,000% (51x) to a “seven-figure” sum, and its customer base almost doubled to 40 customers.

Founded by software engineers Colton Seal and Richard Scappaticci, Routefusion offers an API-based infrastructure for neo-banks, payroll providers, platforms, crypto, and marketplaces, to access cross-border banking and payment services. The infrastructure enables users to connect with banks, foreign exchange providers, and local payout partners, globally, including AFEX, MoneyCorp, Cambridge, and Nium, among others.