After its rescue sale last month, the embedded banking platform Railsr hired a new management team, led by Philippe Morel, the former CEO of the blockchain company Setl.
Morel is joined by the new Railsr CFO Debbie Lotz and COO Nick Charteris. Morel was CEO of Setl for four years until it was bought out in early 2023.
Railsr was saved from going out of business last month when it sold to a group of investors led by D Square Capital.
As the economy slowed down, the company had been looking for a buyer for a few months, but a possible deal with Flutterwave, an African payments technology company that is a leader in its field, fell through.
A year ago, it was looking for investment at a price of $1 billion. In October, it finally got money at a price of $250 million, which was a huge discount.
Nigel Verdon, who was the CEO and co-founder of the company, has left.
The chair of Railsr, Rick Haythornthwaite, says:
“This is a pivotal moment for Railsr and we are starting a new phase on the front foot. This triumvirate of executive appointments bring deep experience and renewed energy to rebuild momentum, drive change and return Railsr to growth.”
