March 19, 2020 — Toronto
GreenSky Capital Inc. is pleased to announce that its affiliated venture fund, the GreenSky Accelerator Fund III, has made a $950,000 investment as part of a bridge round in Payment Rails Inc. Also participating in the round were members of the GreenSky President’s Club, an affiliated angel network.
Increasingly in today’s “gig” economy, freelancers and on-demand workers are connecting with employers through digital platforms and marketplaces without regard to national boundaries. These platforms have growing global payout needs which are not being served through traditional means. Payment Rails, through their SaaS payouts platform and payment network, has the ability to transfer payments directly to bank accounts in 200+ countries, in many countries instantly. Payment Rails officially launched its platform in Dec 2017, and is now facilitating hundreds of millions of dollars in annual payment volume, with offices in Montreal, Toronto, and London (UK).
Tim Nixon, Payment Rails’ CEO, said: “We are very proud to have this close relationship with GreenSky, who continues to support Payment Rails’ growth needs as we scale our platform globally.”
Greg Stewart, Managing Partner at GreenSky Capital added: “Tim and his team have created a best-in-class technology. They are growing rapidly by delivering value to some of the largest customers in their space. We are excited to see them use this funding to reach profitability and support their continued growth, leveraging their regulatory approvals in new markets such as Europe & Australia.”
Early-stage Canadian technology companies interested in working with GreenSky funds are invited to learn more about, and apply to, the GreenSky Accelerator Funds at: firstname.lastname@example.org or by visiting the website at https://greenskycapital.com/entrepreneurs/#application.
About GreenSky Capital Inc.
GreenSky Capital Inc. is an award-winning Toronto-based firm that makes investments in early-stage Canadian technology companies through its affiliated venture capital funds, GreenSky Accelerator Fund I, II and III. Our principals bring a unique combination of experience in technology, law and finance to high-growth potential companies and dedicated entrepreneurs. Learn more about GreenSky at greenskycapital.com.
About Payment Rails
Payment Rails is the next-generation payouts platform for businesses & platforms that send payouts to global on-demand workers (e.g. freelancers, hosts, influencers, drivers). Payment Rails helps companies automate all their payouts processes such as onboarding recipients, W-9/W-8 and 1099/1042-S tax form collection & reporting, bank account validation, FX, payment delivery, and much more, all in one plug-and-play platform. Learn more at paymentrails.com.
About the GreenSky President’s Club
The GreenSky President’s Club is an exclusive not-for-profit angel investment group based in Toronto that provides members the opportunity to participate, both financially, and potentially as mentors, in high growth technology companies that are sourced, vetted and managed by GreenSky Capital Inc. For more see: greenskycapital.com/investors/#angel.