Lord Hammond, also served in the Cabinet as foreign, defence and transport secretary.
In brief:
- Railsr provides banking-as-a-service and cards-as-a-service with offerings such as card issuing and virtual wallets, both of which have seen burgeoning demand amid the explosion in digital finance.
- Embedded Finance, Railsr's parent company, will announce on Thursday that Lord Hammond will replace Rick Haythornthwaite, who is stepping down after being appointed chairman-designate of NatWest Group.
- Lord Hammond's appointment at Railsr comes months after it was saved by a consortium of investors following a swathe of regulatory difficulties.
What does this mean?
Lord Hammond said he was joining Railsr at a "pivotal moment in its development".
"I am confident that the business has a strong future ahead of it and that it will become the pre-eminent provider of embedded finance."
Mr Morel said the company had "completely rebuilt momentum" since its near-collapse, adding: "We have a clear path to regaining industry leadership."
