QRails is a cloud-based, open API issuer-processor that provides secure, flexible APIs and issuer-processing technology to payroll service providers, fintechs, banks and insurance companies. Founded in 2016 and headquartered in Denver with an office in London, the company launched its processor less than a year ago and has since won significant customer mandates. QRails is about to roll out a white-label earned wage access/instant pay solution across North America, Europe and Australia, and plans to open a Sydney office later this year. With its first customer the company will provide instant access to accrued wages for more than one million hourly employees and estimates the solution could enable up to $20 billion in annual payments when fully deployed. The company has raised $18 million to date, including an $8 million Series A led by EFM Asset Management, and says the new capital will support further growth and global deployment of its product. QRails emphasizes domain knowledge and customer service alongside its technology to serve HCM, workforce capital management and payroll processing platforms.

Total raised

$8M

Funding rounds

1

Latest round

Series A

Latest activity

Mar 2020