Trolley, formerly known as Payment Rails, a Canadian Fintech startup that simplifies global payouts for online marketplaces, share economy, app stores, among others, has recently announced its $7M Series A funding round led by Pace Capital.
Trolley was founded in 2015, and it focused on helping businesses automate and manage payouts, collect recipient tax and banking information, among other things. Recently the brand that was known as Payment Rails changed its name to Trolley.
According to the CEO & Founder, Tim Nixon:
“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.”
Trolley Announces its $7M Series A Funding
The demand for Trolley’s services has increased since the beginning of the pandemic in 2020. As most companies started working remotely and needed to pay suppliers and contractors worldwide, they began to look for different payment solutions like Trolley.
The $7M CAD round was led by Pace Capital and will enable the company to accelerate its product roadmap to tackle the needs quickly. The company plans to:
- Increase the number of direct integrations and accounting platforms
- Expand tax compliance offerings into international markets
- Offer local and instant payout options
- Expand the team