Toronto-based Payment Rails, which provides an API platform for businesses to send payments to any individual or company around the world, has raised $1.1 million in funding.
The latest investment round includes participation by angel investors, including current and former executives from VISA, Slack, Currencycloud, and American Express. Scott Thompson, former president of PayPal, has invested in the company and is joining its board of advisors.
“I’m excited to be involved with Payment Rails in their mission to simplify global payouts and contribute to building the next generation of global payment infrastructure for businesses,” said Thompson. “The leadership team at Payment Rails brings an expert-level knowledge of the payments industry and a profound understanding of the verticals they serve. Payment Rails will be a leader in next-gen payment solutions for tomorrow’s global workforce.”
Payment Rails’ infrastructure leverages Blockchain and Ripple to optimize treasury and liquidity management, and utilizes AI and machine learning to optimize payment routing based on speed, cost, partner, and FX rate. The company is tackling the issue of businesses struggling to keep up with global workforces.
“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,” said Payment Rails co-founder and CEO Tim Nixon. “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.”