Flutterwave and a consortium of existing Railsr shareholders are vying to buy the British company
IN BRIEF:
- Railsr is in talks with rival suitors including Africa's largest payments technology company about a sale that would take place at a steep discount to an earlier funding round
- Sources say that a consortium comprising a number of existing Railsr investors was also vying to acquire the company
- Railsr has been working with bankers at FT Partners on a range of strategic options including an outright sale for several months
What does this mean?
The potential sale of Railsr comes as a wave of consolidation is expected across the FinTech sector with companies struggling to access sufficient funding. Last autumn, the company announced the completion of a $46m Series C funding round, at a valuation of about $250m – considerably down on an earlier round.
