QRails, a cloud-based, open API issuer-processor that enables payment solutions around the world, has closed a USD8 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 novel earned wage access solution in the United States, UK and Australia. This fundraising round brings total funds raised to date by QRails to USD18 million.
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 on a white-label basis to human capital management, workforce capital management and payroll processing platforms in the United States, Europe, and Australia. With its first customer, QRails will be providing instant access to accrued wages to 1.5 million hourly employees, enabling up to USD20 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,” says Griffin. “We are immensely excited to be rolling out our earned wage access solution in the US 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, adds: “We are focused on identifying technology platforms whose innovations create seamless experiences for businesses and end-users. Our disruptive fintech fund invests in dynamic companies which leverage their capabilities to deliver improved customer outcomes. We are excited to partner with QRails and their world-class team at a stage in their development, and for the issuer processing industry generally, where we expect significant growth. We look forward to leveraging our network and experience to maximise this opportunity.”
QRails is headquartered in Denver, CO with an office in London. It plans to open an office in Sydney later this year.