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Payment processor QRails gets USD 8 million in Series A

Monday 16 March 2020 05:53 CET | News

QRails, a cloud-based, open API issuer-processor, has announced the closing of a USD 8 million Series A funding round led by EFM Asset Management.

The announcement comes as QRails, in partnership with payroll service providers, is about to launch a wage access solution in North America, Europe, and Australia. This fundraising round brings total funds raised to date by QRails to USD 18 million, according to the official press release.

QRails customers include fintechs, banks, and insurance companies. The company is about to launch an 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, supporting up to USD 20 billion in annual payments when the solution is fully deployed.

QRails is headquartered in Denver, CO with an office in London. It plans to open an office in Sydney later in 2020. EFM is a specialist boutique global growth asset manager, with a focus on both public and late-stage private equities. The company was founded in 2015 by Jeff Emmanuel, former Vice-Chairman of Citigroup APAC and Head of UBS Equities Australia. It is based in Hong Kong with close ties to both Australia and Canada.

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Keywords: virtual cards, prepaid, Issuer, APIs, cloud, funding, QRails, EFM Asset Management
Categories: Banking & Fintech | Payments General
Countries: World
This article is part of category

Banking & Fintech