Embedded Finance, Railsr's parent company, has approached Equals Group for a merger of the two companies, Sky News reports.
Equals Group confirmed that they have received a non-binding proposal from Embedded Finance and TowerBrook Capital Partners to combine shared capital, but no action has been taken.
Equals Group revealed at the stock exchange announcement on Wednesday that the offer period extends until April, and it remains unclear whether the two companies are engaging in active discussion of the offer.
Former chancellor Lord Hammond of Runnymeade joined Railsr as a chairman only last month, and has proposed a merger with London-based Equals Group.
In 2023, Railsr banking licence was revoked by the Bank of Lithuania over violations of AML and payments laws.