QRails, a fintech startup out of Denver, announced Monday that it closed on an $8 million Series A funding round led by EFM Asset Management. This investment brings the company’s total capital raised to $18 million and will be used to innovate its platform.
Financial service businesses like payroll service providers, fintechs, banks and insurance companies use the company’s cloud-based, open API platform to manage and process payments more efficiently. Its platform offers operational support services, virtual prepaid accounts and mobile wallet technology to streamline payments.
QRails has offices in Denver and London and is planning an expansion to Sydney, Australia, later this year.
“[This round of funding] comes at a pivotal moment for us,” co-founder and CEO Gerard Griffin said in a statement. “We look forward to continuing to power payments innovation within financial services, including instant wage payments, open banking and the digital payment of insurance claims.”
