QRails, a Denver, CO-based open API issuer-processor that enables innovative payment solutions around the world, closed an $8m Series A funding.
The round – which brings total funds raised to date by QRails to $18m – was led by EFM Asset Management.
The company intends to use the funds to continue to expand operations and its business reach.
Founded in 2016 and led by Gerard Griffin, CEO, QRails enables payroll service providers, fintechs, banks, insurance companies, and other financial services businesses in North America and Europe to deploy innovative payment solutions. Clients benefit from purpose-built technology offering secure and flexible APIs as well as access to an expert team committed to delivering responsive customer service. QRails, Inc., works together with its subsidiaries QRails, Ltd. (London, UK) and Rete-Pay. It plans to open an office in Sydney later this year.
Customers include fintechs, banks, and insurance companies.