Canadian startup Payment Rails closes USD 1 mln funding round

Wednesday 11 October 2017 10:20 CET | News

Payment Rails, an API-first payouts platform for sending low-cost payouts globally, has closed a USD 1.1 million seed round. 

The company counts several executives from VISA, Slack, Currencycloud and American Express as investors. Furthermore, Scott Thompson, the former President of PayPal, who also joins Payment Rails as a Board Advisor.

Payment Rails was founded in 2015 with a mission to solve the payments headaches of businesses and their rapidly growing on-demand global workforces. The company has developed a white-label payment infrastructure that allows send payments domestically and internationally through international ACH, global banking networks and others. 

The company’s 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 rates. 

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Keywords: Payment Rails, funding round, startup, fintech, online payments, banking
Categories: Payments & Commerce | Online Payments
Countries: World
This article is part of category

Payments & Commerce