UK fintech Railsr approaches Equals Group over potential merger

UK-based fintech Embedded Finance, trading as Railsr, has approached Equals Group proposing a potential merger between the two firms, as first reported by Sky News.
Equals Group, headquartered in London and providing scalable payment solutions, confirmed receiving an indicative non-binding proposal from a consortium led by Embedded Finance Limited and TowerBrook Capital Partners expressing interest in acquiring the entire issued and to be issued share capital of Equals.
Equals stated that there is no certainty that a firm offer for the company will be made, nor about the terms of any potential offer.
Per UK takeover code regulations, Railsr must declare a definitive intention to either make a firm offer or not by April 17.
The move follows a turbulent year for Railsr, which was sold in a rescue sale to a consortium of venture capital firms in March last year and appointed new executives to lead its future direction.
Railsr secured $24 million in fresh funding aimed at bolstering its growth initiatives and recently appointed former UK chancellor of the exchequer, Lord Philip Hammond, as its chair, following the imminent departure of Rick Haythornthwaite, who will become chairman of NatWest Group.