By Charlie Conchie
Beleaguered embedded banking firm Railsr said a sale was “around the corner” today as it scrambles to find new ownership amid regulatory scrutiny and financial troubles.
Railsr, previously regarded as a darling of the UK’s fintech scene, has been hunting for a buyer over the past few months as funding has dried up.
Bloomberg reported last week that Railsr was close to a sale via a pre-pack insolvency process, which would allow the firm to line up a buyer before entering administration.
A spokesperson told City A.M. that a sale was now “around the corner” and it hopes to continue as a fully operational firm under new ownership.
The spokesperson added it is possible that one layer of the company, Railsbank Technology, is put into administration to facilitate the sale.
Railsr, which rebranded from Railsbank last year, was said to be in talks with Nigerian payments giant Flutterwave at the beginning of this year, but those talks have since ended without a deal.
Sky News reported last week that FCA officials are also on alert for an emergency restructuring of the firm.
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