Railsr resurfaces with £20m funding round
Six months on from being forced into insolvency, Railsr is raising fresh cash
Embedded finance fintech Railsr is back after entering administration, according to a report.
The company is set to raise $24m (£19.8m), Sky News reported yesterday.
Railsr was sold in March 2023, becoming the trading name of a new entity called Embedded Finance, after the firm was hit by its second round of layoffs in the US and insiders alleging funding issues and potential flash sale to a Nigerian fintech.
A report from Sky News states that investors D Squared Capital and Moneta Venture Capital are backing the company with cash, in the form of convertible loan notes.
"With this substantial new investment secured in a much tougher fundraising environment, we are very well placed to grow sustainably," Railsr' new CEO Philippe Morel said.