Canada-based Payment Rails has rebranded as Trolley, alongside the close of a $7m Series A funding round.
Pace Capital led the funding round and as part of the deal, Pace general partner Chris Paik has joined the Trolley board of directors.
This burst of funding will help Trolley expand and accelerate its product roadmap, as well as enhance its existing banking networks and payout methods to allow more participants from all geographies.
Its growth efforts also include hiring more staff, increasing its direct integrations with ERP and accounting platforms, expand beyond the US and add more local and instant payout options.
Trolley chose to rebrand as it felt the name of Payment Rails implied infrastructure, but its platform goes beyond just that. Tim Nixon, CEO and founder of Trolley, said, “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.”
Founded in 2015, Trolley is a payouts platform that enables businesses to automate and manage payouts, collect recipient tax and banking information, and mitigate fraud and risk. The FinTech company claims to help payouts to out over 1.1 million different creators, musicians, artists, makers, vendors, on-demand workers and suppliers.
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