Canadian cross–border payments startup closes $1.1M in seed funds. Canadian startup Payment Rails, which aims to use APIs, blockchain and artificial intelligence to find efficient routes for cross–border payments, has closed a seed round bringing funding for its concept to $1.1 million.
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.
Founded in 2015 and currently in public beta ahead of a launch next month, Payment Rails is an API-first payouts platform that enables companies to send fast and low-cost payouts to on-demand workers, suppliers, and employees globally.
The startup’s infrastructure uses blockchain and Ripple to optimise treasury and liquidity management, and uses AI and machine learning to boost payment routing based on speed, cost, partner and FX rates.
Ferhan Patel, president, Payment Rails, adds: “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.”
“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.”