Railsr

Railsr (formerly known as Railsbank) is a UK-based company offering a banking-as-a-service (BaaS) platform enabling enterprises to allow their customers to access financial services and build financial technologies (FinTechs). The platform offers an application programming interface (API) for developers to embed financial services onto its users’ apps. The company’s services go beyond typical BaaS offerings, such as payments and account management, to include launching credit cards, wage advances, subscriptions, and receivable automation, among others.

Railsr also introduced a no-code development platform for enterprises in December 2020. This enables non-coding staff to embed the Railsr’s platform into their apps using a drag-and-drop interface. As of November 2020, Railbank’s operations spanned across the UK, Europe, Southeast Asia, and the US, making it a global player.

However, in March 2023, Railsr announced that it was acquired by a shareholder consortium , Embedded Finance Ltd. As a result of the deal, Railsr went into administration and continues as a going concern while it restructures. The company subsequently changed its leadership team by appointing a new CEO, COO, and CFO, in April 2023.

In March 2024, Embedded Finance (the parent company of Railsr) announced it intends to merge with Equals Group, a B2B payments solution provider. However, no definitive agreements have been signed yet, and Equals Group is still receiving other offers until mid-April.

Key customers and partnerships

Railsr had around 300 customers - including Foris, Paceline, Wirex and Wagestream - as of October 2022 (up from around 220 in October 2021). Moreover, its strategic partners included AWS, Salesforce, Visa, Mastercard, and Plaid.

In April 2020, Railsr expanded its operations by entering a partnership and receiving an investment from Visa, as well as acquiring the UK operations of insolvent FinTech Wirecard.

The company partnered with fraud and financial crime prevention company Featurespace, in November 2022, to combine its in-house fraud prevention solutions with Featurespace’s “ARIC Risk Hub” (which includes card and payment fraud prevention and AML solutions).

Funding and financials

In October 2023, the company raised USD 24 million in funding from D Squared Capital and Moneta Venture Capital. The company earmarked the funds towards supporting its growth initiatives.

Railsr’s revenue reportedly rose by 50% in H1 2022, and it expected the growth to slow down in H2.