FinTech

Embedded finance experiences platform Railsbank has changed its name to Railsr.

The London company says it is setting its sights on ‘owning the financial layer of the internet’ and launched a rewards offering. 

Railsr is billed as the first global turnkey platform to enable any brand or company – for example in sports, retail, travel or eCommerce – to create and embed financial experiences into the customer journey.

It now has 250 business-to-business customers and 5.5 million accounts, with current customers including the likes of Foris, Paceline, Plum, Wirex and Wagestream.

Strategic Partners now include AWS, Salesforce, Visa, Mastercard and Plaid. 

Since its formation in 2016, the company has raised over $100 million in equity financing and has the backing of investors including Visa. 

“In our fast-moving world of amazing customer experiences, the finance industry has failed to evolve,” said co-founder and CEO Nigel Verdon (pictured). 

“We’re ‘experience natives’ thinking differently to deliver positive disruption. As the world’s leading embedded finance experiences platform, running on Railsr helps brands put customers at the heart of their business by leveraging finance as a core engagement tool to deepen relationships, create relevance and generate revenue. 

“We’ve changed our name to Railsr, and we’re making finance a phenomenal experience.”

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Portman Wills, founder and CTO at its first customer Wagestream, added: “It’s fair to say that without Railsr, there would be no Wagestream. 

“From day one, Railsr’s innovative Banking as a Service (BaaS) products have helped Wagestream with its mission to enable financial wellbeing for every frontline worker. 

“Running on Railsr means Wagestream can provide affordable, easy-to-use tools to over one million employees, empowering financial health at employers such as Greene King, Halfords, Next, and the NHS.”

Victor Trokoudes, founder at Plum, added: “More than a million people save and invest with Plum. As a company we’ve seen significant growth with Railsr. 

“We have leveraged their innovative platform, for licensing, Banking as a Service (BaaS) and launching our UK & EU cards offerings, enabling our customers to make smart and active financial decisions.”