Cloud-based payment processing startup QRails has secured $7 million in funding from a group of heavyweight angel investors, including Gary Hoffman, chairman of Hastings Insurance, former CEO of Barclaycard and board member at Visa, Jonathan Hughes, previously a senior executive at Worldpay, and Alan Morgan of Adfisco.
QRails was founded in 2016 with the objective of providing banks and other issuers of payment cards a more agile and developer friendly alternative to legacy processors. Target markets include traditional issuers and new and lateral entrants to digital payments in North America and Western Europe
After two years of development work, QRails began commercialising its platform in early 2018, attracting clients serving some 70,000 cardholders across a range of industries in the US and UK.
Investor Morgan says: “With the payments industry being upended by the rise in digital and open banking, there is clearly a huge opportunity for a flexible, cloud-based processor able to deliver and support the enhanced functionality today’s discerning consumer demands.”