Former chancellor Hammond takes over the chair at Railsr

Former chancellor Hammond takes over the chair at Railsr

Former chancellor Philip Hammond has been appointed as chairman of Railsr, the embedded banking platform that was rescued from liquidation last year.

Hammond takes opver the chair from former Mastercard chairman Rick Haythornthwaite, who has moved on to NatWest.

Hammond's appointment is the latest in a series of fintech jobs taken on by the former UK chancellor, following chairmanship and advisory roles at cryptocurrency firm Copper and challenger bank OakNorth respectively.

He also sits on the advisory board of a new funding vehicle for providing growth-stage capital to UK fintechs, which has gathered support from Barclays, London Stock Exchange Group, Mastercard, NatWest and Peel Hunt.

Railsr was last year forced into a fire sale to a consortium of investors to stave off a complete collapse. The rescue deal saw Railsr placed into administration under a new operating name, Embedded Finance, and a senior management reshuffle that saw the appointment of a new CEO, CFO and COO.

In October, the firm pulled in £24 million in financing from long-time investors D Squared Capital and Moneta Venture Capital

Says Hammond: “I am confident that the business has a strong future ahead of it and that it will become the preeminent provider of embedded finance.”

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