Payment Rails Raises $7M, Rebrands as Trolley

FinTech startup Payment Rails is rebranding as Trolley while closing a $7 million Series A funding round led by Pace Capital, with Pace partner Chris Paik joining the Trolley Board of Directors, according to a press release on Tuesday (Dec. 7).

Headquartered in Toronto, Canada, and founded in 2015, the newly renamed Trolley enables businesses to automate and manage payouts, collect tax and banking information, and alleviate fraud. The company works with hundreds of businesses and has paid more than 1.1 million different creators, 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 and founder of Trolley.

He said that what the company now offers has changed from a “mass-payout solution to a global payouts ecosystem” that tackles numerous “payout-adjacent” obstacles.

“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,” Nixon added.

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“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,” said Vincent Guérin, Trolley’s vice president of marketing.

Since the start of last year, Trolley’s services were highly sought after, with demand further compounded by the move to remote work due to the worldwide pandemic. Many businesses were forced to work with and pay talent and suppliers from different parts of the world, and the need for efficiency became paramount.

The fresh infusion of capital will give Trolley the ability to grow its product suite and speed up development to address the market’s fast-growing needs. Trolley will also amplify its current banking networks and payout procedures to be accessible to more participants from all parts of the world.

“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 Paik.