PeopleHedge Corp Raises $1.4M in Series Seed Funding to Further Advance SmartRoute Technology, Draws Backing of Holt Xchange, Gustavson Capital and Blufin Equity Partners
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VERMONT, Ill., Sept. 12, 2022 (GLOBE NEWSWIRE) — PeopleHedge Corp is a U.S.-based financial technology company focused on enhancing the non-interest income of community banks and credit unions. Its SmartRoute technology creates a real-time auction for foreign exchange payments, compressing pricing and making banks competitive with financial technology rivals.
PeopleHedge Corp, a U.S.-based firm that has raised $1.4 million in a Series Seed round, saw the participation of two new institutional backers, Gustavson Capital and Bluefin Equity Partners.
The funding was led by Holt Xchange. Elisabeth Laett, Managing Partner, had this to say: “We were excited to lead this round and work with the team at PeopleHedge to bring strategic players within our network like Gustavson Capital, former founders of Custom House which later sold to Western Union for $370 million.” Matthew Gustavson added, “Damon [Magnuski] and the PeopleHedge team truly understand the many pain points companies face when navigating cross-border payments and have developed innovative technology that will streamline the process.”
“We are excited to invest in PeopleHedge Corp, a company we believe will play a notable role in creating transformational solutions that yield operational efficiencies within the U.S. financial services industry. We look forward to a great partnership with PeopleHedge Corp,” said CEO/CIO Shamark Davis, Bluefin Equity Partners, LLC.
Subject to receipt of required regulatory approvals, PeopleHedge Corp is in the process of becoming Acceleron Bank, a digital correspondent bank in formation. The company’s plan is to use the new funding to grow its U.S.-based footprint by increasing its sales efforts to small to medium-sized banks and credit unions in need of additional services and increased revenue opportunities.
Its technology stack was built to create core integrated foreign exchange trading marketplaces. Used for cross-border payment transactions, this decreases the friction in the process while saving the end customer money.
PeopleHedge Corp is laser focused on empowering community institutions with digital solutions that allow them to better service their customers and thereby their communities.
From Damon Magnuski, CEO: “This funding allows us to grow our market share and continue down the path of forming a digital correspondent bank. We thank our current investors, partners, and customers for their continued support and look forward to removing more middlemen from the payments process.”
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