QRails, a cloud-based payments processor, has netted $8m in its Series A round led by EFM Asset Management.
Following the new capital infusion, the company is looking to open an office in Sydney later this year. The solution will enable employees to get instant access to accrued wages.
QRails is a third-party processing, outsourcing and consultancy platform which enables issuers to access payment services. Its tools include payment processing, program management, mobile wallets, funds disbursement and insurance claims payments.
This funding round comes as QRails launches its wage access solution in North America, Europe and Australia.
QRails CEO Gerard Griffin said, “This round of funding will support further growth at QRails. It comes at a pivotal moment for us.
“We are immensely excited to be rolling out our earned wage access solution in North America and to be establishing a presence in Australia later this summer. 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.”
With the close of the round, the company has raised a total of $18m in funding. The FinTech raised $7m in a funding round from a cohort of angel investors led by Hastings Insurance chairman Gary Hoffman.
Last year, QRails teamed up with global payment technology company FSS. As part of the deal, QRails embedded the FSS Secure 3D authentication services to improve the security of its payments
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