Payment Rails Rebrands as Trolley, Raises $7M in Series A Funding

Payment Rails, a Montreal-based FinTech startup has rebranded as “Trolley – The Payouts Platform for the Internet Economy”. The rebranded payouts platform allows businesses to automate and manage payouts, collect recipient tax and banking information, and mitigate fraud and risk. “Payment Rails is an industry-insider term that implies infrastructure, and we’ve gone beyond just payouts infrastructure,” said CEO and founder, Tim Nixon. “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.”

Trolley secured $7 million CAD in a Series A financing, led by Pace Capital. Demand for the platform has increased rapidly since the beginning of 2020, and reflects the trend toward remote work brought on by the COVID-19 pandemic. 

"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," said General Partner at Pace Capital Chris Paik. "The leadership team at Trolley has demonstrated—through an amazing product— that they are perfectly suited to tackle this problem."

Trolley plans to use the new capital to expand its geographic scope by  enhancing its current banking networks and payout methods, and to continue to grow its products. To achieve its goals, Trolley anticipates growing its 40 member team to over 100 in 2022. 

Author: Hannah Johnson, 2021/2022 Articling Student-at-law