Buckzy Payments Inc., a FinTech based in Toronto that launched its platform last week, announced it has closed a $1.75 million CAD seed round led by Ottawa-based Mistral Venture Partners, as well as New York-based Revel Partners. The company said the new funds will be used to scale Buckzy’s real-time global payments network.

“Buckzy represents a long overdue solution to the international payments framework.”

“Buckzy is leading a global change in cross border payments by changing the way businesses and consumers move money around the world,” said Abdul Naushad, CEO and founder of Buckzy. “We are delighted to be partnering with Mistral and Revel to support Buckzy in becoming a leader in the global payments sector.”

Buckzy enables international payments, with funds reaching the recipient in under five minutes. The company is FINTRAC-regulated and aims to partner with banks, networks, and financial service institutions around the world to facilitate secure and compliant money transfers through online banking or mobile banking, from a customers’ bank accounts or virtual wallets to anywhere in the world.

“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,” said Joe Apprendi, general partner at Revel Partners. “Buckzy represents a long overdue solution to the international payments framework, and we knew that we needed to be a part of it.”

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Buckzy launched its platform earlier this month, and the company said in Q2 of this year it will facilitate cross-border money movement to over 14 countries from Canada, the US, and Asia. The company is also planning to work alongside global financial service providers and mobile wallet services, to extend its service for international bill payments for both peer-to-peer lending and small and medium-sized enterprises.

“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,” said Code Cubitt, managing director of Mistral Venture Partners. “We are excited to be teaming with Buckzy to further develop this important area of international finance.”

Image courtesy Pixabay.

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