Canadian cross-border payments startup closes $1.1M in seed funds

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Canadian startup Payment Rails, which aims to use APIs, blockchain and artificial intelligence to find efficient routes for cross-border payments, has closed a seed round bringing funding for its concept to $1.1 million.

The Montreal-based company is backed by Payza founder Ferhan Patel and former PayPal president Scott Thompson is serving on the board, Payment Rails said in a Tuesday press release.

The white-label cross-border service enables businesses to send payments domestically and internationally leverages global banking networks in combination with Ripple, blockchain, artificial intelligence and machine learning to quickly determine which partner offers the lowest cost, best foreign-exchange rates and fastest route to completing the payment, according to the release.

“Our vision is to enable all businesses to offer an exceptional payout experience to their on-demand workers and suppliers, whether that business is startup or a Fortune 500 company,” said Tim Nixon, Payment Rails’ CEO and co-founder, in the release.

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Cross border payments Venture funding Canada