Payment Rails, a Canada-based API-first payouts platform for businesses, announced on Tuesday it has appointed former President of PayPal, Scott Thompson, as an investor and board advisor. This news comes just after the company completed its seed round and brought total investment funding to $1.1 million. Founded in 2015, Payment Rails stated it is simplifying cross-border payouts for online marketplaces, share economy, crowdsourcing, affiliate platforms, app stores, and crowdfunding platforms.
“Make payouts to your independent contractors, affiliates and suppliers anywhere in the world in 150+ currencies through our payouts-as-a-service platform. We offer a powerful API or you can upload batch files through our dashboard portal. Recipients have the choice of how they want to receive their funds and in which currency: direct to their own bank account, credit card, prepaid card, cash pick-up, check, paypal + other options.”
Payment Rails’ Co-founder and CEO, Tim Nixon, explained:
“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. 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.”
While sharing details about Thompson’s appointment, Ferhan Patel, Co-Founder and President of Payment Rails, stated:
“We are thrilled to have Scott join our team as an advisor and investor. Scott is an industry giant having led PayPal and making it a dominant force in payments. His experience and expertise will be extremely valuable as we scale our platform globally. Payment Rails is honored to be backed by our seed-round investors, like Scott. As we launch our business payouts platform, we truly appreciate the expertise that Scott, who through his leadership scaled PayPal to over 105M active users, brings to the Payment Rails board.”
“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. 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 is currently in public beta, with an official launch scheduled for November 2017.