Railsr has a new CEO after emergency sale

Railsr has found a new CEO a month after being sold to a trio of investors to save it from collapse.

Fintech veteran and former head of blockchain firm SETL Philippe Morel will take over as Railsr’s new chief executive.

Morel was CEO of SETL for four years until it was acquired recently, and is set to be joined by new CFO Debbie Lotz, a former National Australia Bank and Royal Bank of Scotland exec, on the new C-suite.

Nick Charteris, a former Railsr exec and most recently former general manager at Crypto.com, is also returning to the embedded banking platform as COO.

The firm has been looking for a new CEO for a few months now as it has rapidly unravelled since the start of the year.

Around a year ago, the fintech — then known as Railsbank — was eyeing a unicorn valuation of more than £1bn as it sought to raise $100m.

According to administrators’ filings, its assets ended up being sold for less than £500,000.

It was bought by Embedded Finance LTD, a legal entity backed by investors Ventura Capital, Moneta VC and D Squared Capital and will be led by the latter.

Railsr’s co-founder and former CEO Nigel Verdon has left the company.