Fintech Railsr closes £40m Series C for integrated finance service
Integrated funding platform Railsr, formerly known as Railsbank, has closed a $46m (£40.4m) Series C funding round consisting of $26m (22, £8m) in equity and $20m (£17.6m) in debt.
New investor Mars Capital provided the £17.6m debt financing, with equity from previous investors Anthos Capital, Ventura, Outrun Ventures, CreditEase and Moneta.
Its platform offers predefined banking, card, credit and reward services.
Nigel Verdon, CEO and Co-Founder, said: “I am absolutely delighted that less than four months after Railsbank’s evolution into Railsr, we have taken another step and closed our Series C, an important milestone on our road towards profitability.
Railsr’s Series C follows reports earlier this year that it was seeking an additional $100m (£74m) in capital. He secured £50million in 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 closed £17.8 million for its white-label fintech platform last month.
“The Railsr partnership has enabled Toqio to deliver cost-effective financial services solutions to market and has been a key driver of our growth. We look forward to continuing our collaboration,” said Mike Galvin, Co-Founder and CCO, Toqio.
Prior to Railsr, Verdon founded Evolution, which was sold to BAE, and Currencycloud which was acquired by Visa.
DND Finances Recently in partnership with fintech to initiate a credit card.