Toronto-based fintech company Buckzy Payments recently announced it secured $1.75 million in a seed round of funding led by Mistral Venture Partners and Revel Partners. With this funding round, Buckzy Payments is going to scale its real-time global payments network.
“Buckzy is leading a global change in cross border payments by changing the way businesses and consumers move money around the world,” said Buckzy CEO and founder Abdul Naushad. “We are delighted to be partnering with Mistral and Revel to support Buckzy in becoming a leader in the global payments sector.”
What does Buckzy do? The company facilitates international payments and funds reach the recipient in under five minutes. This is a big deal because sending money to a recipient in another country usually involves time-consuming visits to a financial institution, significant paperwork, and it takes days (sometimes weeks) for the money to get sent.
“High currency exchange rates, limited visibility and slow transfer times have long posed serious challenges to businesses and individuals resulting in expensive and slow global money transfers. Buckzy has overcome these hurdles enabling a modern remittance solution,” added Mistral Venture Partners managing partner Code Cubitt. “We are excited to be teaming with Buckzy to further develop this important area of international finance.”
Buckzy Payments’ real-time payments ecosystem network and technology platform enable cross-border B2B/B2C/P2P payments, global bill payments, and e-commerce payments with comprehensive APIs for banks and service providers to build industry-specific solutions.
“Until now, in some cases it has taken longer for payments to arrive overseas than the merchandise being paid for, and this seems archaic in the digital world that we live in today,” explained Revel Partners general partner Joe Apprendi. “Buckzy represents a long-overdue solution to the international payments framework, and we knew that we needed to be a part of it.”
