[Press Release] Trolley Secures $23 Million USD Series B to Accelerate Global Payout Platform Expansion

Funding led by Wavecrest Growth Partners, with participation from Pace Capital, to enhance Trolley’s payout and compliance solutions for businesses worldwide.

TORONTO, NOVEMBER 13th, 2024 ​– Trolley, a leading global payouts platform, today announced it has raised $23 million USD in a Series B growth equity funding round led by Wavecrest Growth Partners, with participation from existing investor Pace Capital. 

This investment will enable Trolley to accelerate product development, broaden its market presence, and enhance its platform to better serve businesses ranging from startups to Fortune 500 companies.

“This funding marks a pivotal moment for Trolley,” said Tim Nixon, CEO and Founder of Trolley. “This allows us to accelerate our commitment to building what our customers need. We’re channeling these funds into enhancing our platform and payment network, growing our reach, and advancing compliance solutions—all with a focus on creating immediate and lasting impact for our customers.”

Strategic use of funds

This investment follows years of significant growth for Trolley, which achieved a 484% increase in revenue over the past 3 years and was recently recognized in the Deloitte Technology Fast 50™ rankings for the second consecutive year. 

With Trolley approaching profitability, it places the company in a well funded and sound financial position for the future. The new capital will be strategically deployed to:

• Enhance product offerings: Expand the depth and breadth of Trolley’s platform and payment network and develop new features that address the evolving needs of businesses managing the nuances of global payouts.
• Expand our customer-base: Invest in developing and extending the capabilities of our solutions for adjacent industries and new geographies. 
• Innovate novel compliance solutions: Continue to advance Trolley’s market-leading tax compliance, digital reporting, ID verification, and fraud prevention technologies.

Investor confidence in Trolley’s vision

Wavecrest’s decision to lead this round underscores confidence in Trolley’s mission and execution. 

“What truly sets Trolley apart is their consistent execution around top-line growth and their focus on B2B payments with a differentiated set of high ROI value-added offerings for payers,” said Vaibhav Nalwaya, Managing Partner at Wavecrest Growth Partners. “Their leadership’s deep understanding of the global payouts space has enabled them to address critical business challenges effectively.”

“We’re excited to support Trolley in scaling their go-to-market team and optimizing their product roadmap to capture the significant market opportunity ahead.”

Chris Paik, Partner at Pace Capital, commented on their continued support: “We initially invested in Trolley after recognizing the significant pain points their platform addresses for businesses. The team’s ability to expand the product footprint and meet changing customer needs reaffirms our confidence in their vision and execution.”

Addressing market trends and customer needs

As the global economy becomes increasingly digital, the demand for efficient, compliant, and seamless payout solutions is growing. Businesses face challenges such as navigating international transfers of funds, adhering to ever more complex tax and reporting regulations, and meeting expectations for quick and flexible payments.

“Trolley is at the forefront of this evolution,” added Anthony Giannobile, Principal at Wavecrest. “Their platform automates the entire payout lifecycle, driving substantial ROI by improving operational efficiencies and enhancing the recipient experience.”

“With the rise of the digital economy and associated cross-border transactions, Trolley’s solutions are more relevant today than ever before.”

Commitment to customer-centric growth

“Sticking to our values has been foundational in Trolley’s growth,” Nixon emphasized. “Success for us means creating value that empowers our customers to scale globally with confidence”. 

“We’re dedicated to bridging gaps left by existing solutions, ensuring our platform remains the most trusted and capable on the market. This funding will enable us to further develop our platform, equipping businesses to manage payouts seamlessly across borders, providing creators, artists, on-demand workers, and suppliers with reliable, compliant access to the global market.”

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About Trolley

Trolley is the end-to-end payouts platform built for the internet economy, helping businesses manage payouts, tax compliance, and ID verification for contractors around the globe. Finance and product teams across hundreds of organizations—including SoundCloud, Envato, Downtown Music, Bugcrowd, Creator IQ, and BandCamp—use Trolley to streamline workflows, reduce risk, and operate at scale. Annually, Trolley processes billions of dollars of payouts to over 210 countries and territories, supporting more than 4 million recipients worldwide. Learn more at trolley.com.

About Wavecrest

Wavecrest Growth Partners is a growth equity firm focused on investing in and partnering with leading B2B software and technology-enabled services companies based in both North America and Western Europe. Wavecrest targets investments in high-growth companies with proven products and business models and brings to bear a differentiated combination of investing and operating experience and networks to help accelerate growth and profitability. Wavecrest’s team has over five decades of collective investing and operating experience in growth-stage B2B technology companies, including numerous successful outcomes. For more information, visit wavecrestgrowth.com.

About Pace Capital

Founded in 2019, Pace Capital is a New York-based, early-stage venture capital firm managing $400M in assets. More information is available at pacecapital.com.