Trolley rebrands as Payment Rails and closes $7 million in Series A funding

Canadian Fintech startup Payment Rails revealed that it is rebranding as Trolley—the payouts platform for the internet economy. The newly renamed Trolley also announced its recent $7M Series A funding round led by Pace Capital.

Founded in 2015, Trolley is a payouts platform that allows businesses to automate and manage payouts, collect recipient tax and banking information, and mitigate fraud and risk. In this time, Trolley has become the payouts solution of choice for hundreds of businesses, paying out to over 1.1 million different creators, musicians, artists, makers, vendors, on-demand workers, and suppliers.

With a fresh brand and Series A funding, Trolley aims to better represent its product evolution and meet the growing demand for its payments solution.

Trolley’s mission is to build the payouts platform for the internet economy by facilitating their clients to be able to reach workers from all corners of the world. A very ambitious task, for which a strong brand will surely be a huge advantage.

“Payment Rails is an industry-insider term that implies infrastructure, and we’ve gone beyond just payouts infrastructure,” said Tim Nixon, CEO and founder of Trolley.

He said that what the company now offers has changed from a “mass-payout solution to a global payouts ecosystem” that tackles numerous “payout-adjacent” obstacles.

“The choice of Trolley nods to our past yet speaks to our future: Whether our customers need payouts to new countries or currencies, mass payout automation, tax form collection and reporting, or risk management solutions, Trolley is a vehicle for them to grow their businesses,” Nixon added.

The startup officially launched its global payments API in December 2017, shortly after closing a $1.1 million angel-backed funding round that saw it add former PayPal President Scott Thompson as an investor board advisor. Trolley also raised a total of $1.9 million through a series of bridge round investments in 2018, 2019 and early 2020 from angel investors and Toronto-based venture firm GreenSky Capital.

The $7M CAD investment round, led by Pace Capital and their general partner, Chris Paik—who has joined the Trolley Board of Directors—will allow Trolley to expand and accelerate its product roadmap to tackle the needs of this rapidly growing market. Trolley will also be enhancing its existing banking networks and payout methods to allow more participants from all geographies.

Today, Trolley permits users to make and manage payments to over 1.1 million creators, musicians, artists, makers, vendors, on-demand workers, and suppliers across more than 215 countries in 135-plus currencies.

“Through this organic process, we’re elevating our brand to a new level, one that repositions our offerings and reflects Trolley’s capacity to help our customers tackle the wide number of challenges they are facing,” said Vincent Guérin, Trolley’s Vice President of marketing.

Since the start of last year, Trolley’s services were highly sought after, with demand further compounded by the move to remote work due to the worldwide pandemic. Many businesses were forced to work with and pay talent and suppliers from different parts of the world, and the need for efficiency became paramount.

“Creators and suppliers need to be treated like first-class citizens of the platforms they contribute to. That’s what excites me about Trolley’s rebrand and its roadmap. With each product improvement, they remove friction in the payout process—for their customers and creators and suppliers worldwide.” said Chris Paik, general partner at Pace Capital.

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