Canada-based Payment Rails closes new round of funding

Canada-based Payment Rails has closed an undisclosed funding round, bringing total capital raised to date to $1.1m.

The new capital injection saw contributions form a range of angel investors, including executives from VISA, Slack, Currencycloud and American Express.

Following the funding round former PayPal president Scott Thompson has joined the company’s board of directors. In this new role Thompson will advise Payment Rails on strategic partnerships, key customer acquisition and international expansion.

Founded in 2015, Payment Rails is an API payouts platform that lets businesses send any currency payments to any person or company in more than 200 countries. The platform helps to simplify mass payouts for online marketplaces, ad networks, affiliate platforms, app stores, and on-demand and share economy platforms.

The system offers real-time networks, faster payment systems, an international ACH, access to a global banking network, and real-time and transparent foreign exchange rates.

Payment Rails co-founder and CEO Tim Nixon said, “Our vision is to enable all businesses to offer an exceptional payout experience to their on-demand workers and suppliers, whether that business is a startup or a Fortune 500 company. Our focus on delivering the fastest global payments at fair and transparent prices, coupled with our easy integration, is what businesses have been demanding. With the guidance of industry experts like Scott, we’re on the way to achieving this vision.”

The payment and remittance sector has received just under a quarter of the total number of deals in Canada since 2014.

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