Cloud-based payment processing startup QRails has closed an $8 million Series A funding round led by EFM Asset Management.
QRails was founded in 2016 with the objective of providing banks, insurance firms and fintechs in Europe and North America with a more agile and developer friendly, API-based alternative to legacy processors.
The latest funding comes as the startup prepares to launch, in partnership with payroll service providers, an earned wage access white label offering in the US, UK and Australia.
With its first customer, QRails will be providing instant access to accrued wages to 1.5 million hourly employees, enabling up to $20 billion in annual payments when the system is fully deployed.
Gerard Griffin, CEO, QRails, says: "We are immensely excited to be rolling out our earned wage access solution in the US 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.”