Zonos, a Utah-based fintech providing cross-border commerce APIs, announced raising a $69 million Series A led by Silversmith Capital Partners, according to TechCrunch.
The company says the funding will be used to expand its worldwide team into Europe and the Asia-Pacific, go-to-market and grow product development. Zonos currently has over 100 employees, with over 1,500 customers worldwide and millions of landed cost quotes per day.
The Series A also included individual investment from Erica Rea, CEO of Podium, and Aaron Skonnard, CEO of Pluralsight. The fundraise is the company’s first since founding in 2009, according to Reid.
“Right now, we are the leader for APIs in cross-border e-commerce, but we need to also be the technology leader regardless of the industry. We can’t just accept that we are good enough, we need to be better at doing this. We are looking at expanding into additional markets because it is more than just servicing U.S. companies, but need to be where our customers are,” Zonos CEO Clint Reid said.
Zonos provides APIs which help company’s classify their goods and calculate the final price international consumer’s pay for items, using ‘total landed cost’ to determine the overarching fees and additional costs that need to be added to international sales.
The service includes quotes for duties, taxes and fees, classifies items by HS code, and manages cross-border tax management. Zonos also enables businesses to choose which shipping carriers they want to work with, or allows customers to choose at the time of purchase.
The global cross-border e-commerce market was estimated to be worth over $400 billion in 2018, with a growth rate twice that of domestic e-commerce since.
“Businesses can’t know all of a country’s laws. Our mission is to create trust in global trade. If you are transparent, you bring trust. This was traditionally thought to be a shipping problem, but it is really a technology problem,” Reid told TechCrunch.
In other recent fintech news, insurtech payment infrastructure platform Ascend raised a $5.5 million seed round to enable BNPL payments for commercial insurance. TomoCredit also banked $10 million to continue offering a no-FICO credit card.