Toronto’s Buckzy Payments has secured a USD $14.5 million Series A financing round led by Ottawa’s Mistral Venture Partners and San Francisco’s Uncorrelated Ventures to continue its global expansion.
Founded in 2018, Buckzy enables real-time cross-border payments and Banking-as-a Service capabilities through an embedded finance platform that is secure, scalable, modular and fully compliant with regulations.
Since going live in 2020, Buckzy has added over 140 customers to their client roster including traditional banks, neobanks and fintechs.
The all-equity financing included 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.
“This round of financing is a validation of Buckzy’s vision to create an intelligent and automated international payment system,” said 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.”
As a licensed money transfer company, Buckzy works with some of the largest banks around the world to enable real-time international payments. The platform offers multi-currency bank accounts, local settlement accounts, real-time FX quoting and booking, without any hidden fees or unnecessary overhead costs.
“The cross-border payments market is approximately $150 trillion globally, and is still significantly underserved,” said 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.”
The Buckzy payment network currently 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 company recently expanded its network in Latin America, covering Argentina, Brazil, Chile, Colombia, Guatemala, Honduras, Mexico, and Uruguay.