Embedded finance platform Railsr, formerly known as Railsbank, has closed a £40.4 million Series C round, consisting of £22.8 million in equity and £17.6 million of debt. Nigel Verdon, CEO and co-founder, said, “I’m delighted that less than four months after Railsbank’s transformation into Railsr, we’ve reached another milestone and completed our Series C – an important step on our journey to profitability.”
Railsr’s Series C follows reports earlier this year that the company was seeking $100 million (£74 million) in further capital. Last July, the company secured £50 million in financing.
Its partners include Toqio, which received £17.8 million last month for its white-label fintech platform.
“Partnering with Railsr has enabled Toqio to bring cost-effective financial services solutions to market and has been a key enabler of our growth. We look forward to our continued collaboration,” said Mike Galvin, co-founder and CCO of Toqio.
Before Railsr, Verdon founded Evolution, which was sold to BAE, and Currencycloud, which Visa acquired.
DND Finance recently partnered with the fintech to launch a credit card.