Payrails, which stylises itself as an operating system for payments and financial services, has reportedly launched out of stealth after the close of a $6.4m seed investment.
Andreessen Horowitz served as the lead investor to the round, which will help Payrails with its launch later this year, according to a report from TechCrunch.Other commitments to the round came from HV Capital, Delivery Hero CFO Emmanuel Thomassin, Flixbus founders Jochen Engert, Andr? Schw?mmlein and Daniel Krauss, and HelloFresh founder Dominik Richter.
The FinTech company was founded by Orkhan Abdullayev, Emre Talay and Nicolas Thouzeau who all worked together at international food delivery firm Delivery Hero. The trio worked there to build Delivery Hero payment system from the ground.
Their technology was being accessed by millions of people and it was being accessed in real-time, 24/7 and spanned currencies, markets and different payment methods. They noted that several of the big payment providers, like Stripe and PayPal, were not designed to manage and handle this strain across over 50 markets.
Abdullayev told TechCrunch, ?The complexities we faced were driven by geographies, with different payment solutions across the globe, and we spent a lot of time looking at different solution providers. We found it difficult.There were legacy companies that were not able to work with API frameworks and newer solutions didnt have the geographical reach.
To make a strong solution they needed to build it internally. With that, Delivery Hero created a team of hundreds of developers, it said. This also led to the realisation of the opportunity to make the payment system a service to sell to companies with similar business models and Delivery Hero.
Payrails is an operating system that helps companies implement tailored payment experiences. Its technology enables users to activate payment methods, track unified payment performance, secure customer data, build native payment experiences, deliver instant refunds, split funds across destinations, support on-demand payouts and more.
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