Raylo, a London, UK-based startup that offers a smart way for UK customers to get their mobile, raised £1.6m in pre-seed funding.
Backers included Techstart Ventures and a select group of angel investors including Samir Desai and James Meekings, the co-founders of Funding Circle.
The company is using the funds to expand operations and its business reach.
Led by Karl Gilbert, CEO, Richard Fulton, chief strategy officer, Jinden Badesha, chief product officer, Raylo has launched a subscription service for consumers to get the latest iPhones without being tied to a bundled phone contract. With a quick sign-up, a SIM-free phone and full insurance, customers can access the latest technology with monthly payments up to £803 cheaper over 24 months versus the big four mobile networks.
Customers make lower monthly payments and return the phone after 24 months when they’re ready for newer technology and a fresh battery.
The company beta launched in May 2019.