Embedded banking platform Railsr has been saved from collapse after agreeing a sale to a consortium of investors led by D Square Capital. The terms of the deal were not disclosed.
IN BRIEF:
- D Square Capital has been joined by Moneta VC and Ventura Capital for the purchase and re-capitalisation
- Railsr will continue trading under a new entity, Embedded Finance Limited, with the existing one going into administration.
- The change of control has been agreed with the Financial Conduct Authority, which Railsr says ensures business continuity for its customers, and more than five million end-users
What does this mean?
Railsr chair, Rick Haythornthwaite, who remains in place, says: "A huge number of people across the financial ecosystem believe in Railr's potential and have worked very hard to make this transaction a reality. We will now get back to basics and manage the business methodically and constructively. We have secured a new chapter for Railsr and are excited about what the future holds."
