- QRails, a cloud-based open API issuer-processor that enables payment solutions around the world, announced it raised $8 million
QRails — a cloud-based open API issuer-processor that enables payment solutions around the world — announced it raised $8 million Series A funding round led by EFM Asset Management. This funding round comes on the heels of is about to launch a novel earned wage access solution in North America, Europe, and Australia. Including this round, QRails has raised a total of $18 million.
What does QRails do? QRails is known for enabling payroll service providers, fintechs, banks, insurance companies, and other financial services businesses in North America and Europe to deploy innovative payment solutions. And QRails clients benefit from purpose-built technology provide secure and flexible APIs as well as easy access to an expert team committed to delivering responsive customer service.
In less than a year after launching its processor and co-founder Gerard Griffin was named CEO, QRails won significant customer mandates. And QRails customers include financial technology, banks, and insurance companies.
QRails is going to be launching an instant pay solution, available globally on a white-label basis to human capital management, workforce capital management, and payroll processing platforms.
With the 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.
QRails is based in Denver, Colorado and it has an office in London. Later this year, the company will be opening an office in Sydney.
Key Quotes:
“This round of funding will support further growth at QRails. It comes at a pivotal moment for us. 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.”
-QRails co-founder Gerard Griffin
“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.”
-Jeff Emmanuel, Chief Investment Officer and founder of EFM
