Railsr, an embedded finance FinTech formerly known as Railsbank, has raised $46m in Series C funding.
The funding, which comes four months after the company rebranded to Railsr, is made up of $26m of equity and $20m of debt.
Anthos Capital, an existing shareholder, led the equity portion with Mars Capital, a new investor, providing the debt.
Railsbank is a global embedded finance experiences platform headquartered in London. The company has locations in the US, Singapore, Australia, Germany, Vietnam, Lithuania, Sri Lanka and the Philippines.
The raise rounds off a very busy time for Railsr, including the appointment of the companyâ€™s first chairman, Rick Haythornthwaite. In August and in May, the company welcomed former England rugby international Will Carling to the fold as an advisor.
Railsr also promoted its chief product officer (CPO) Stuart Gregory to the position of chief operating officer (COO) and Jane Thorburn to the role of chief of staff – both are members of the Railsr ExCo.
Nigel Verdon, CEO and co-founder, said,â€œI am absolutely delighted that less than four months after Railsbank evolved to become Railsr, we have achieved another milestone and closed our Series C, a significant step on our route to profitability.
â€œWe set out to challenge old finance and this is what we will continue to do. Our strategy and success to date has come from the way we prioritise customers, invest in technology, empower teams and execute relentlessly to continue our journey. Whilst we must take into account the challenging macroeconomic and geopolitical backdrop we operate against today, it remains a good time to be a fintech business growing new embedded finance micro-economies.â€
At the beginning of the year, Railsr unveiled a new white-label buy now, pay later credit solution for retailers.
Through Railsbankâ€™s new solution, customers will be able to split payments in up to 36 instalments without distractions or risk posed by a third party.
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