The long-trailed merger of embedded banking platform Railsr and payments firm Equals Group is set to go ahead through a £283 million takeover deal, according to Finextra.
Last year Railsr was forced into a fire sale to a consortium of investors to stave off a complete collapse. The rescue deal saw Railsr placed into administration under a new operating name, Embedded Finance.
Having stabilised thanks to £24 million in financing from long-time investors D Squared Capital and Moneta Venture Capital, in March the company approached Equals Group for a merger.
Explaining its reasoning behind the newly-agreed acquisition, the consortium says it „strongly believes that by combining Equals’ and Railsr’s respective strengths in foreign exchange, payments and banking services, it will further accelerate the right-to-win of the respective businesses”.
Philip Hammond, who took on the role of Railsr chairman in February, says: „Today’s announcement represents a major strategic step for Railsr at a pivotal moment in the development of the embedded finance market. We are creating a significant new player. At a time when there is much fragmentation in the market, we will be well placed to provide an enhanced service to our customers.”
Banking 4.0 – „how was the experience for you”
„So many people are coming here to Bucharest, people that I see and interact on linkedin and now I get the change to meet them in person. It was like being to the Football World Cup but this was the World Cup on linkedin in payments and open banking.”
Many more interesting quotes in the video below:
