Fintech startup QRails closes $8M Series A funding to enable innovative payment solutions for financial services companies
QRails, a Denver, Colorado fintech startup that is focused on solving problems for prepaid, debit and credit card issuers with integrated payment processing and program management, has closed $8 million Series A funding round to accelerate growth. The round, which brings total funds raised to date by QRails to $18 million, was led by EFM Asset Management. The announcement comes as QRails, in partnership with payroll service providers, is about to launch a novel earned wage access solution in North America, Europe and Australia.
Founded in 2016 by Gerard Griffin and Laurence Molke, QRails enables payroll service providers, fintechs, banks, insurance companies, and other financial services businesses in North America, Europe and, as of summer 2020, Australia, to deploy innovative payment solutions. QRails, Inc., together with its subsidiaries QRails, Ltd. (London, UK) and Rete-Pay, is privately held by a group of industry leaders and leading investors. QRails is headquartered in Denver, CO with an office in London. It plans to open an office in Sydney later this year.
Less than a year after launching its processor and after co-founder Gerard Griffin took the helm as CEO, QRails has won significant customer mandates on the strength of its technology, its domain knowledge and its commitment to customer service. QRails customers include fintechs, banks, and insurance companies. The company is about to launch an innovative instant pay solution, available globally on a white-label basis to human capital management, workforce capital management and payroll processing platforms. With its first customer, QRails will be providing instant access to accrued wages to more than one million hourly employees, enabling up to $20 billion in annual payments when the solution is fully deployed.
“This round of funding will support further growth at QRails. It comes at a pivotal moment for us,” commented Griffin. “We are immensely excited to be rolling out our earned wage access solution in North America and to be establishing a presence in Australia later this summer. We look forward to continuing to power payments innovation within financial services, including instant wage payments, open banking and the digital payment of insurance claims.”
Jeff Emmanuel, Chief Investment Officer and founder of EFM, added, “We are focused on identifying technology platforms whose innovations create seamless experiences for businesses and end-users. Our disruptive private fintech fund invests in dynamic companies which leverage their capabilities to deliver improved customer outcomes. We are excited to partner with QRails and its world-class team at a stage in its development, and for the issuer processing industry generally, where we expect significant growth. We look forward to leveraging our network and experience to maximize this opportunity.”