QRails recently announced the closing of a $8 million Series A funding round led by EFM Asset Management. QRails is a cloud-based, open API issuer-processor that facilitates inventive payment solutions globally. This brings the total funds raised by QRails to date to an estimated $18 million.
The announcement was made at a time when the firm is poised to launch a novel earned wage access solution in Australia, Europe, and North America in partnership with payroll service providers. It will be a globally available, innovative instant pay solution. Payroll processing firms, HCM, workforce capital management firms would benefit from the solution at large. Over a million hourly employees will get access to their accrued wages. When finally deployed, the solution will enable up to $20 billion in yearly payments.
Within a year of Gerard Griffin becoming the CEO and the company launching its processor, QRails has exhibited outstanding technical expertise and domain knowledge to bag numerous customer mandates. The commendable commitment to customer service has worked in favor of QRails in bagging those accolades. The company is headquartered in Denver and has an office in London. Later this year, tt plans on opening an office in Sydney.
“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.”
Chief Investment Officer and founder of EFM, Jeff Emmanuel said that the firm was keen on identifying tech companies that were transforming the experiences for businesses and end-users with their innovative solutions. “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 added.