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.”
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