Buckzy Payments, Inc., a Toronto-based real-time cross-border payments company, has secured $14.5 million in a Series A round of funding led by Mistral Venture Partners and Uncorrelated Ventures, with participation from new investors Luge Capital and Blue 9 Capital and existing investors Revel Partners.
As part of the round, Karim Gillani, former Xoom, and PayPal executive and current General Partner of Luge Capital, will become a board advisor.
The company will use the funds to enter new geographies and support the expansion of its product offerings.
“This round of financing is a validation of Buckzy’s vision to create an intelligent and automated international payment system,” says Abdul Naushad, Founder, and CEO of Buckzy.
“We’re on a mission to build the plumbing for real-time money movement globally, the same way high-speed internet fundamentally shifted the communications industry,” he adds.
Real-time cross-border payments
Founded in 2018 by Abdul Naushad, Buckzy enables real-time cross-border payments and Banking-as-a-Service capabilities through an embedded finance platform.
The company was created to transform cross-border payments into a real-time payment scheme.
Buckzy offers over 200 APIs that can be utilised for any transaction banking use cases and customer journeys to deliver modernised and innovative financial products and solutions.
Since going live in 2020, the Canadian company has added over 140 customers to its client roster, including traditional banks, neobanks, and fintechs.
The platform offers multi-currency bank accounts, local settlement accounts, and real-time FX quoting and booking, with no hidden fees or unnecessary overhead costs, claims the company.
Currently, the Canadian company disburses funds to over 80 countries, including the UK, India, the whole of the EU, the Philippines, the United Arab Emirates, and many more.
“The cross-border payments market is approximately $150 trillion globally, and is still significantly underserved,” says Code Cubitt, Managing Director at Mistral Venture Partners. “Buckzy is blazing a path for a much better customer experience, more automation and lightning-fast payments. We are proud supporters of Buckzy’s impressive team, which has the right blend of experience, expertise and insight to build the next generation of cross-border payments.”
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