20 May 2018
https://www.avoka.com

Ex-PayPal boss Thompson backs Canadian fintech Payment Rails

11 October 2017  |  11533 views  |  0 Scott Thompson

Payment Rails, a Canadian startup building an API-first payouts platform for businesses, has won a high-profile backer in the shape of ex-PayPal president Scott Thompson, who has invested in the firm and signed on as a board advisor.

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.

Thompson has been joined by current and former execs from Visa, Slack, Currencycloud and American Express in Payment Rails' latest seed round, which brings total investment to $1.1 million.

Says 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."

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."
KeywordsCLOUDPEOPLE

Comments: (0)

Comment on this story (membership required)

Finextra news in your inbox

For Finextra's free daily newsletter, breaking news flashes and weekly jobs board: sign up now

Related stories

Ex-PayPal president Thomson joins Kabbage board

Ex-PayPal president Thomson joins Kabbage board

27 September 2012  |  4418 views  |  0 comments
Former PayPal president Thompson falls on his own CV at Yahoo!

Former PayPal president Thompson falls on his own CV at Yahoo!

14 May 2012  |  5256 views  |  1 comments
Yahoo sets up committee to investigate Thompson CV claims

Yahoo sets up committee to investigate Thompson CV claims

09 May 2012  |  5724 views  |  0 comments
PayPal president Thompson quits for Yahoo

PayPal president Thompson quits for Yahoo

04 January 2012  |  6140 views  |  0 comments
PayPal hires Visa tech executive as CTO

PayPal hires Visa tech executive as CTO

08 February 2005  |  6182 views  |  0 comments

Related company news

 

Related blogs

Create a blog about this story (membership required)
visit www.ebaday.comVisit http://go.jumio.com/finextraAd

Top topics

Most viewed Most shared
Ripple moves to build ecosystem around XRPRipple moves to build ecosystem around XRP
9632 views comments | 5 tweets | 7 linkedin
IT implications and the need to pivotIT implications and the need to pivot
9476 views comments | 2 linkedin
HSBC claims blockchain breakthrough for trade financeHSBC claims blockchain breakthrough for tr...
9352 views comments | 14 tweets | 16 linkedin
Irish bank caught in social media spying stormIrish bank caught in social media spying s...
8083 views comments | 25 tweets | 16 linkedin
Former JPMorgan blockchain leads unveil new startupFormer JPMorgan blockchain leads unveil ne...
7275 views comments | 2 tweets | 2 linkedin

Featured job

Competitive base, double ote, benefits
New York, Boston, Chicago, Philadelphia, USA

Find your next job