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December 6, 2023
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Fintech Railsr closes £40m Series C for embedded finance service

Embedded finance platform Railsr, formerly known as Railsbank, has closed a $46m (£40.4m) Series C round, consisting of $26m (£22.8m) in equity and $20m (£17.6m) of debt.

New investor Mars Capital has provided the £17.6m debt funding, with the equity coming from previous investors Anthos Capital, Ventura, Outrun Ventures, CreditEase and Moneta.

Its platform offers prebuilt banking, cards, credit and reward services.

Nigel Verdon, CEO and co-founder, said: “I am absolutely delighted that less than four months after Railsbank evolved to become Railsr, we have achieved another milestone and closed our Series C, a significant step on our route to profitability.”

Railsr’s Series C follows reports earlier this year that it was seeking a further $100m (£74m) in capital. It secured £50m funding in July last year.

Railsr has more than 300 customers, according to the company, including HelloCash, Sodexo and Payine.

Its partners include Toqio, which last month closed £17.8m for its white label fintech platform.

“The Railsr partnership has allowed Toqio to deliver cost-effective financial services solutions to the market and has been one of the key enablers of our growth. We look forward to our continued collaboration,” said Mike Galvin, co-founder and CCO, Toqio.

Before Railsr, Verdon founded Evolution, which was sold to BAE, and Currencycloud which was bought by Visa.

DND Finance recently partnered with the fintech to launch a credit card.

The post Fintech Railsr closes £40m Series C for embedded finance service appeared first on UKTN | UK Tech News.

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