Canadian fintech startup Payment Rails rebrands as Trolley, closes $7 million funding
Canadian Fintech startup Payment Rails has 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.
Tim Nixon, CEO & founder of Trolley: "Payment Rails is an industry-insider term that implies infrastructure, and we've gone beyond just payouts infrastructure. 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."
Along with a new company name, the Trolley team has also updated the company's brand, and launched a new corporate website (trolley.com), which is live today.
Vincent Guérin, vice president of marketing, Trolley: "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."
Series A funding led by Pace Capital
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 $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.
Chris Paik, general partner, Pace Capital: "Trolley is solving an issue that lies at the heart of the internet economy: international payouts. Having watched Twitch and Patreon work through payment orchestration challenges for their increasingly international-based content creators, it was clear that every other creator platform and marketplace would eventually run into the same issues. The leadership team at Trolley has demonstrated—through an amazing product— that they are perfectly suited to tackle this problem."
Specifically, Trolley plans to leverage Pace Capital's investment to:
- Increase the number of direct integrations with top ERP and accounting platforms
- Expand tax compliance offerings into markets beyond the United States
- Add more local and instant payout options, opening a broader market for payouts
- Further expand the Trolley team, which currently numbers 40 employees.
Nixon: “Our vision is to unlock the collective economic opportunity of the internet - for everyone - by building a truly global payouts ecosystem. This funding allows us to better enable businesses to reach workers from all corners of the world and, through that, offer creators, on-demand workers, and suppliers the ability to bring their specialized talents to a global market.”
Paik: "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 their roadmap. With each product improvement, they remove friction in the payout process—for their customers and creators and suppliers worldwide."