• Neil Martin

Railsbank becomes Railsr as it targets owning financial layer of internet



Today Railsbank changed its name to Railsr as it sets its sights on owning the financial layer of the internet.


The renaming to Railsr is effective immediately and is applicable across all of the Group’s global operations and offices.


Nigel Verdon, co-founder and CEO of Railsr, explained: “In our fast-moving world of amazing customer experiences, the finance industry has failed to evolve. We’re ‘experience natives’ thinking differently to deliver positive disruption.


“As the world’s leading embedded finance experiences platform, running on Railsr helps brands put customers at the heart of their business by leveraging finance as a core engagement tool that drives revenue and deepens relationships. We’ve changed our name to Railsr, and we’re making finance a phenomenal experience.


“The world has reached an inflection point. A time of radical digital transformation. Running on Railsr helps our customers drive relationships, revenue, rewards and relevance with their customers. We’re here for every step of their embedded finance experience journey from prototyping through to launching and, ultimately, scaling globally.”


The name change was announced at one of the leading fintech events, Money 20/20 Europe, which is held every year in Amsterdam. Nigel and his team were on hand to explain the renaming to customers, partners, investors and the media.


Railsr goal


The Railsr team believes the goal is owning the financial layer of the internet and is committed to an economic future running on Railsr and driven by embedded finance experiences. It has gone beyond fintech and has committed to a future in which any brand running on Railsr can strategically leverage embedded finance experiences to become the future of consumer finance.


Positive disruption


Railsr is building the next stage of its journey as market trends converge. Witness accelerating digital transformation, growing consumer demand for experiences and the ongoing evolution beyond Banking-as-a-Service to deeper embedded finance experiences. The market is estimated to be worth around $800bn of revenue globally.


Railsr has built a platform based on an integrated financial product set that enables any brand to make finance a phenomenal experience within their existing customer journey.


Research


Recent valuations of the potential embedded finance economy, which includes embedded insurance, lending and payments, have calculated it will be worth over $7 trillion by 2030, twice the current value of today’s top 30 global banks and insurers.


Post-lockdown, the behaviours and buying habits of four distinct consumer segments have emerged. This was the key finding of a Railrs partnered research report with the World Retail Congress. Customer experiences need to be delivered to each of these groups: the digital arrivals, the subscribers, the ethical consumers and the thrill-seekers.


Further research from Railsr also saw a growing demand for new and improved financial experiences and better rewards from consumers. It concluded that 39% of consumers are interested in accessing financial services like credit, loans, or investments from brands they love and trust. This rises to 51% of 18-24-year-olds. At the same time, 41% would be interested in a credit card that offered early access to tickets, exclusive offers, or other high-value rewards from their favourite high-street brand.


The future


Railsr has already announced several strategic moves to support growth and build expertise in the retail and sports industry. This includes the appointment of former England rugby captain and current leadership mentor at England rugby union, Will Carling OBE, and former Formula 1 Board Advisor, Jon Hall.


Railsr believes it is now superbly positioned to set the pace of the embedded finance space and deliver the experiences that consumers will enjoy over the coming years.