Rumours in fintech circles have it that Railsr secured £20m in funding from existing investors to boost its growth. A mere seven months ago, regulatory challenges forced this company into an insolvency corner.
£20m funding may give Railsr a new lease on life
Running the report, Sky News Business indicated that Railsr, the trading name of Embedded Finance, will soon announce that it made a deal with investors to raise £19.8m. The money mainly comes from existing investors, including well-knowns such as D Squared Capital and Moneta Venture Capital.
Those rooting for the success of the company regard this as a vote of confidence in Railsr’s financial future. The funds, which in part will be convertible loans, resuscitate the fintech with much-needed capital after undergoing a pre-pack administration to survive.
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Specialising in embedded digital finance products and services, the company came up against significant regulatory issues after actively driving over-expansion. Since the insolvency process, it has been staggering to get back on its feet.
In April, Railsr appointed Phillippe Morel as its chief executive officer (CEO) in a bid to salvage the company. He joined other new appointments, including Debbie Lotz as chief financial officer (CFO), and Nick Charteris as chief operating officer (COO).
Earlier it also appointed seasoned fintech expert, Rick Haythornthwaite, as chair of the board. With the stated funding and a strong top leadership echelon, Railsr does not seem to be out of the game just yet.
Rick Haythornthwaite Source: LinkedIn
Haythornthwaite echoed the company’s commitment to survival in his comments about the new appointments. He said:
This is a pivotal moment for Railsr and we are starting a new phase on the front foot. This triumvirate of executive appointments bring deep experience and renewed energy to rebuild momentum, drive change and return Railsr to growth.
