Africa’s Flutterwave to acquire Railsr, a British fintech company

African fintech startup, Flutterwave, is reportedly planning to acquire Railsr, a British fintech company, along with some of Railsr’s existing shareholders.

Formerly known as Railsbank, Railsr specialises in embedded finance solutions, including banking services, credit cards, and digital wallets. 

The company has raised over $187 million in equity funding from prominent investors, including Visa. 

In early 2022, it was reportedly looking for a $100 million investment, and in October 2022, it closed a $46 million Series C funding round.

In addition, the company has made some significant acquisitions, including the German company, Wirecard, in August 2020.

However, the economic downturn has impacted Railsr, causing it to lay off several unspecified employees and downsize its operations.

Northern Borealis, a Cyprus-based freight company, also sued PayrNet, a Railsr subsidiary, for failing to pay out money from its account.

Flutterwave helps merchants accept payments online and at the point of sale in several ways. 

If this deal goes through, it will be Flutterwave’s second publicly disclosed acquisition since the company paid an undisclosed sum in 2021 to purchase the creator platform, Disha.