By: 8 March 2024

Railsr provides finance solutions such as banking services, credit cards and digital virtual wallets.

British fintech Railsr appoints Philip Hammond as chairman

Embedded finance platform Railsr has appointed Philip Hammond as chairman. He will take over from Rick Haythornthwaite who is moving on to become chairman of NatWest Group.  

During his political career, Hammond was chancellor of the exchequer, secretary of state for transport and also foreign secretary.  

Since leaving government, he has taken on several commercial roles, including at Ardagh Group, OakNorth Bank and Copper Technologies. 

On his new role, Hammond said: “I’m delighted to be joining Railsr at this pivotal moment in its development. I am confident that the business has a strong future ahead of it and that it will become the preeminent provider of embedded finance.” 

Railsr provides finance solutions such as banking services, credit cards and digital virtual wallets. 

The British fintech was forced into insolvency last year amid regulatory challenges as a result of aggressive over-expansion. It secured £20m in funding last October to focus on sustainable growth. 

Haythornthwaite said: “The company will benefit enormously from Lord Hammond’s extensive business and political experience at this key juncture. I am optimistic about the future of the business, with such a clear strategy and strong leadership team.” 

Embedded Finance, the holding company of Railsr, was founded by D Squared Capital and Moneta to acquire “top tier fintech assets”, with the aim of “consolidating the fintech landscape”. 

Dan Adler, managing director of D Squared Capital and co-founder of Embedded Finance, said: “We are thrilled to announce Hammond’s appointment as the new chairman of Railsr. His joining signifies Railsr’s strong market position and its path to becoming the preeminent embedded finance business.

“We extend our gratitude to Rick for his significant contributions, and we are confident that Hammond’s wealth of experience will propel us forward as the market leader for years to come.” 

Image: Railsr 

Josh Poyser
Josh Poyser is an editor at FinTech Intel. He has written about fintech for several years and appeared at FinTech Connect 2023 on the 'Unlocking Success: The Art of Fintech PR' panel.