Fintech Startup Payment Rails Closes $1.1 Million

Payment Rails announced it has raised $1.1 million in financing from two undisclosed investors.

Payment Rails is creating a cross-border payment platform that allows users to make payouts to independent contractors, affiliates and suppliers anywhere in the world, using more than 150 currencies. The company offers an API service, and users can also upload batch files through a dashboard portal. Recipients have flexibility to choose from a variety of payment options, including direct deposits, credit cards, prepaid cards, and PayPal. They can also choose the currency in which they want to receive their funds.