Canadian fintech startup Payment Rails has rebranded as Trolley—the payouts platform for the internet economy.
The newly renamed Trolley also announced a recent $7 million Series A funding round led by Pace Capital.
Founded in Toronto 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.
“Payment Rails is an industry-insider term that implies infrastructure, and we’ve gone beyond just payouts infrastructure,” said Tim Nixon, CEO & founder of Trolley.
“Over the past six years, our offering has evolved from a mass-payout solution to a global payouts ecosystem—one which addresses many payout-adjacent problems. 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.”
Demand for Trolley’s payouts platform skyrocketed since the beginning of 2020. The trend toward near-universal remote work prompted many companies to expand their willingness to work with (and therefore need to pay) contractors and suppliers from around the globe. Worker shortages added to this pressure and added a need to make workflows around payouts as efficient as possible.
The $7 million 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.