Cloud-based payments processor QRails has netted $7m in its latest round of funding.
The round was supported by a cohort of angel investors which was led by Hastings Insurance Chairman Gary Hoffman, former senior executive at Worldpay Jonathan Hughes and Alan Morgan, a prominent angel investor in Financial Services through his vehicle Adfisco.
This funding was raised to support QRails’ rapid expansion efforts.
Founded in 2016, the company aims to provide banks and other issuers of payment cards an alternative to legacy processors. The company is a third-party processing, outsourcing and consultancy service provider for prepaid, debit and credit card issuers.
The API-friendly technology and SaaS-based model offers a number of payment processing across a number of methods.
Over the past six months, the company has attracted 70,000 cardholders across a number of industries. The company is currently serving banks, credit unions, professional sports clubs, healthcare savings and payment providers, insurance companies and digital payment platforms.
Angel investor Alan Morgan, said, “With the payments industry being upended by the rise in digital and open banking, there is clearly a huge opportunity for a flexible, cloud-based processor able to deliver and support the enhanced functionality today’s discerning consumer demands.
“The speed with which the team has moved from drawing board to serving clients in the US and now in the UK is impressive.”
Last week, Omise secured an undisclosed round of funding which was led by Global Brain. The company delivers a payment gateway which helps businesses with gain access to online payments, by giving them a suite of tools to create a personalised platform.
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