Raylo, a London, UK-based provider of a tech refurb/subscription platform, raised £110M in Debt funding.
NatWest and Quilam Capital provided the financing.
The company intends to use the financial resources to fund growth and product expansion.
Led by Karl Gilbert, CEO, Raylo is a smartphone subscription startup which offers leasing contracts for phones, tablets, and laptops. At the end of the term, users can apply for a free upgrade, keep their device or leave Rayo by returning their device.
When customers return their old products, they are refurbished and re-sold in Raylo’s circular process for maximum lifespan and sustainability.