UK fintech Railsr approaches Equals Group over potential merger
UK-based fintech Embedded Finance, which trades as Railsr, has approached Equals Group to propose a potential merger of the two firms, as first reported by Sky News.
Railsr in talks to merge with UK paytech Equals Group
Following the Sky News report earlier this week, London-headquartered Equals Group, a provider of scalable payment solutions, put out a statement confirming that “as part of its ongoing strategic review, the board has received an indicative non-binding proposal” from a consortium led by Embedded Finance Limited and TowerBrook Capital Partners, expressing interest in a “possible offer for the entire issued and to be issued share capital of Equals”.
Equals adds that there can be “no certainty that any firm offer for the company will be made, nor as to the terms on which any firm offer, if made, might be made”.
The company says that per the regulations stipulated in the UK takeover code, Railsr must declare a definitive intention to either make a firm offer or not by 17 April.
The move follows a turbulent year for Railsr. The company was sold in a rescue sale to a consortium of venture capital firms in March last year and subsequently appointed several new executives to take it forward. Railsr has since secured $24 million in fresh funding aimed at bolstering its growth initiatives.
The firm also recently appointed former UK chancellor of the exchequer Lord Philip Hammond as its chair due to the imminent departure of Rick Haythornthwaite, who is leaving to become chairman of NatWest Group.
