borderless
Year founded: 2016
Number of employees: 7
Founder: Raffi Kayat, CEO
Amount of capital raised: <$500,000
Notable investors (put N/A if none): N/A
Explain what your company does: Global Payouts API — Simple, transparent and affordable bank payments. Pay anyone to 120+ countries in local currency. Our smart payment infrastructure saves companies time and money. We offer a web application and an API (application program interface) to automate accounts payable. We also provide multi-currency balances to collect in foreign currency like a local and save on wire fees.
What are some major milestones in the company’s history?
- Won Startup Of The Year Award 2021 at US Fintech Awards and Finalist in Payments Tech Of The Year
- Grew our payment coverage to 120+ countries (wider coverage than Stripe or Wise for payouts who are both valued over $100 billion combined)
- Created multi-currency balances where clients can hold and exchange currencies in 12+ currencies than their local bank.
- Tripled our cross-border volume in the past 2 quarters
- Grew the team to 7 people
- Launched API product and new pricing model for startups and marketplaces of all kinds
What is your company working on right now?
- Expanding API features to allow startups and marketplaces to automate their payouts globally: 1. Enable connection between Stripe, Authorize.net and others to borderless; 2. Create a widget to automate collection of banking information in a secure manner and reduce data liability for companies; 3. Automate 1099 fillings for independent workers.
- Adding clients: We are working with startups and marketplaces of all kinds (freelance, influencer, gig economy, tutors, logistics etc.)
What’s on the horizon for your company in 2022?
- Adding international clients: Currently more than 90% of our clients are US companies making payments locally and overseas. We are working on expanding our capabilities from a regulatory perspective to allow foreign companies to utilize our product.
- Launch new features: Provide bank accounts in 6 currencies allowing borderless to provide global banking. We might be the first KY Fintech Startup to provide bank accounts to entities becoming a neo bank.
- Expanding capabilities: 1. Integrating with accounting software like quickbooks; 2. Expanding to Person-to-Person payments; 3. Establishing quick plugins for companies to collect payments on Shopify and woocomerce
Why grow your company in/from Kentucky (or Southern Indiana, if applicable)?
Kentucky has a lot to offer: Community, resources, mentors, and lifestyle. Louisville has high growth potential to become a main entrepreneurial hub due to its location, low cost of living and access to talent. It was also very important to us as a company to have a positive impact on our environment and give back to the community. The Louisville community is incredibly inviting, the community has open doors to mentors, customers and potential partners.
