First Payment Rails announced the appointment of Justin Reid from Google as its new CRO. Now, an ex-Paypal exec is coming on board as both an investor and board advisor.
The Montreal-based payouts platform for businesses has closed a seed rounding bringing total investment funding to $1.1 million.
This latest round includes participation by angel investors, including current and former executives from Visa, Slack, Currencycloud, and American Express. Scott Thompson, the former President of PayPal, also invested in the round as well as joined Payment Rails as a board advisor.
In his new role Mr. Thompson will advise founders Ferhan Patel and Tim Nixon on strategic partnerships, key customer acquisition, and international expansion.
“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,” said Scott Thompson. “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.”
“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.”
“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,” said Ferhan Patel, Co-Founder and President of Payment Rails. “Payment Rails is honored to be backed by our seed-round investors, like Scott,” explained Patel. “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
Thompson is currently the CEO of Tuition.io, an employer-funded student loan contribution platform. Prior to that he served as the CEO of both ShopRunner and Yahoo. During his time at the helm of Paypal, he helped grow revenues from $1 billion to $4.4 billion and established PayPal as the leading global online payment service.