Railsr (which was previously known as Railsbank) is in talks with rival suitors including Africa's largest payments technology company about a sale that would take place at a steep discount to an earlier funding round. News of the rival offers for Railsr comes as expectations grow of a wave of consolidation in the fintech sector as companies struggle to access sufficient standalone funding to survive.
Nigel Verdon, Railsr's founder, previously claimed that the company is "transforming the finance industry in the same way that Apple did to the music industry when they created iTunes". Railsr has raised well over $100m in equity funding, with backing from investors including Visa.