Railsr appoints new CEO following emergency sale

Railsr appoints new CEO following emergency sale

Following its rescue sale last month, embedded banking platform Railsr has brought in a new management team, led by the former boss of blockchain firm Setl, Philippe Morel.

Morel, who was CEO of Setl for four years until its acquisition in early 2023, is joined by new Railsr CFO Debbie Lotz and COO Nick Charteris.

Last month Railsr was saved from collapse after agreeing a sale to a consortium of investors led by D Square Capital.

The firm had been looking for a buyer for several months as it faced up to the economic downturn, with a possible deal with African payments technology unicorn Flutterwave falling through.

A year ago, it was looking for investment at a $1 billion valuation, but in October it finally secured funds at a heavily discounted $250 million value.

Former CEO and co-founder Nigel Verdon has left the company.

Rick Haythornthwaite, chair, Railsr, says: “This is a pivotal moment for Railsr and we are starting a new phase on the front foot. This triumvirate of executive appointments bring deep experience and renewed energy to rebuild momentum, drive change and return Railsr to growth."

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