Raylo gets €124m in new raise

London-based fintech company, Raylo, has recently raised €124.9 million to finance its circular, subscription-based tech product model. The start-up has earned B-Corp certification for its environmentally sustainable approach to tech ownership and usage.

Raylo is addressing the growing demand for affordable and sustainable access to the latest technology by offering a payment platform that enables retailers to integrate a subscription model into their payment processes. This gives consumers the opportunity to access premium tech products in a financially responsible and environmentally friendly way.

The funding round was led by NatWest Bank and Quilam Capital and raised through debt financing. To date, Raylo has raised over €170 million with support from Octopus Ventures, Macquarie Bank, and Telefónica.

Raylo’s innovative platform leverages AI models and open banking data to offer customers a flexible way to pay for the latest technology. Retailers receive full payment upfront for purchases, while consumers pay only a fraction of the product cost during the subscription term. This approach democratizes access to premium tech products, reducing the environmental impact of constantly upgrading.

Raylo has seen impressive growth over the past year, with a reported 100% YoY growth in subscribers. The company expects this growth to accelerate as consumers seek more affordable options in the face of persistently high UK inflation.

According to Richard Fulton, co-founder and CSO of Raylo, Raylo is solving a real problem for consumers who are looking for more affordable and sustainable ways to access technology. Our innovative approach and technology will drive continued growth and success in the future.

In conclusion, Raylo’s circular approach to tech ownership provides a solution to the current need for sustainable and affordable access to technology. The recent funding round and B-Corp certification serve as a clear sign of confidence in the company’s potential to scale and change the way we access and use tech products.