Payment processor QRails raises $8m in pivot to pay-as-you-earn platform

The cloud-based payment provider will now help businesses pay employees as they earn.

QRails, a cloud-based payment processor based in Denver and London, has raised an $8m Series A funding round to launch a payment platform which enables employers to pay staff as they work.

The funding was led by Hong Kong-based company EFM Asset Management.

QRails, in partnership with payroll service providers, is due to imminently launch the wage-access service in the US and Europe, and in Australia later this summer.

Gerard Griffin, CEO and co-founder of QRails, said: "This round of funding comes at a pivotal moment for us.”

“We look forward to continuing to power payments innovation within financial services, including instant wage payments, open banking and the digital payment of insurance claims.”

Jeff Emmanuel, chief investment officer and founder of EFM, added:  “We are focused on identifying technology platforms whose innovations create seamless experiences for businesses and end-users.”

“We are excited to partner with QRails and its world-class team at a stage in its development, and for the issuer processing industry generally, where we expect significant growth.”

The announcement of the payment platform comes just as the spread of the coronavirus is threatening to severely damage the gig-economy and those who work from home or are freelance.