Embedded finance startup Railsr has secured a £20m funding boost from its existing investors months after it was rescued from collapse.
Railsr, which supports the implementation of financial services for businesses, received the funding largely from previous backers such as D Squared Capital and Moneta Venture Capital, first reported by Sky News.
The funding, confirmed to UKTN by Railsr, comes just seven months after the fintech narrowly avoided going under after its assets were acquired by an investor consortium.
Founded in 2016 under the name Railsbank, Railsr quickly expanded, having raised over $100m by 2022.
A slowdown in funding and regulatory issues last year put the company in the difficult situation of seeking a buyer, which after months of attempts led to the consortium acquisition for an undisclosed fee.
The company said at the time that the rescue deal represented “a new chapter for Railsr” that would allow it to “get back to basics and manage the business methodically and constructively.”
In April, Railsr refreshed its leadership team with the appointment of Philippe Morel as CEO, who previously served as the CTO of SETL and global head of capital markets practice at Boston Consulting Group.
Rick Haythornthwaite, an experienced executive who has held leadership roles at Ocado, Mastercard and currently NatWest, was also brought in as chairman to support the company’s comeback efforts.