Big news: We updated our name, visual identity & website + Closed a significant round of Series A funding
We believe that a truly global payouts ecosystem can unlock the economic opportunity of the internet—for everyone. By making paying people easy, we’re helping businesses reward the dedication and talent of their creators, on-demand workers, and suppliers.
With this in mind, we’re making two significant announcements.
- Payment Rails is now Trolley.
- We’ve raised $7.0 million in Series A funding.
This news signals our aspiration to grow our business and reaffirms our commitment to the vision of increased economic opportunity for all through equitable payouts.
Payment Rails is now Trolley
We do payouts well. We’re not too humble to say that we’ve gotten good at mass payouts, automated payouts, payouts across borders. Payment Rails as a name made a lot of sense.
Yet, we’ve been doing things that go beyond payouts and payment infrastructure for a while now. We automate 1099/1042 tax withholding and reporting, provide risk and fraud prevention tools, and we’re building more and more software integrations that add power to your existing tech stack.
We’ve always known that “payment rails” has a specific infrastructure-focused meaning, and it has caused some confusion as to what we do. When you look at where we operate with our clients and customers, we’re not just infrastructure. We move money, add value to workflows, and help people move their business forward. We are a vehicle for their growth.
That is why I’m proud to announce that Payment Rails will have a new name moving forward.
As of today, we are Trolley.
Trolley reflects the idea that our clients are looking for a payouts partner who can help them move their business forward by:
- Paying out suppliers in an efficient and reliable way
- Improving their processes around payment, tax, and risk management
- Allowing them to “move freely across borders” by engaging with and paying suppliers from nearly anywhere (215+ countries)
On top of the name, you’ll also notice we’ve updated the look and feel of our brand—new colors, new logo—and we’ve launched a new corporate website, trolley.com.
I’m excited to see what you think of this change.
We’ve raised $7.0 million in Series A funding:
Demand for Trolley’s payout management platform skyrocketed over the last two years. Many companies have expanded their willingness to work with global contractors and suppliers. Clients have come to us looking to expand their capacity to pay these workers as efficiently as possible. In many cases, they are looking for APIs to automate that process..
We raised our Series A funding to help address the market’s needs—to pay people in the ways that work best for them. The $7.0M CAD investment made by Pace Capital will allow Trolley to expand and accelerate our product roadmap and focus on opening new markets by enhancing our existing banking networks.
Specifically, we aim to use this investment to enable Trolley to:
- Increase the number of direct integrations with top ERP and accounting platforms
- Expand tax compliance offerings into markets beyond the United States
- Add more local and instant payout options, opening a broader market for payouts
- Further expand the Trolley team, which currently numbers 40 employees.
This funding will also let us expand our revenue generation engine, building the sales and marketing capabilities we’ll need to expand into new markets.
I want to take a moment to thank our investors. To Chris Paik and Pace Capital and our early-stage investors including GreenSky Capital and other angel investors—thank you for your continued support.
To our customers:
You may be asking, what will change?
In one way, nothing (aside from your bookmarks) will change. We’re still committed to the same level of customer service. Our engineers are just as dedicated to the performance and reliability of our platform. You will still use Trolley as a platform to move money, collect tax forms, and reduce risk.
And, in another way, a lot will change. We are building Trolley as a “vehicle for growth.” We aim to be both a technology and a partner that can help you expand your reach into new markets. We’ll be adding features and integrations that will make your workflows more efficient. We’ll be finding new ways to move money to more people.
Our mission is to build the payouts platform for the internet economy. We want our clients to be able to reach workers from all corners of the world. And, through that, we want to open up opportunities for creators, on-demand workers, and suppliers to bring their specialized talents to a global market.
As we enter 2022, we’re excited to get to work building the next stage of Trolley’s evolution and even more excited to share it with you.
Thanks for being part of our growth as we help with yours,