Paytech firm QRails raises $8m in Series A funding
QRails, a Colorado-based payments technology firm, has raised $8 million in Series A funding as it prepares to launch a new instant payments solution for payroll processing.
QRails has raised $18 million to date
EFM Asset Management is the sole participant in QRails’ latest funding round, which comes less than a year after the firm launched its wage processing solution.
QRails is now gearing up to launch a new instant pay service, available on a white-label basis to human capital management, workforce capital management and payroll processing platforms in the United States, Europe, and Australia.
The firm confirms that it already has a customer for the new platform, and through it, it will be providing instant access to wages for 1.5 million hourly employees.
It expects $20 billion in annual payments will be enabled through the solution when it is fully deployed.
“This round of funding will support further growth at QRails. It comes at a pivotal moment for us,” says co-founder and CEO Gerard Griffin.
He adds that the firm is “immensely excited” to be rolling out its earned wage access solution in the US and to be establishing a presence in Australia, planned for mid-2020.
