A global payment solutions business, along with a number of interested parties, has announced its plan to acquire a prominent British fintech company Railsr.
Based in the UK, the startup specialises in so-called embedded finance solutions such as banking services and has been under pressure amid a tough funding environment.
The company reportedly laid off 16% of its staff last November despite closing a $46 million Series C funding a month earlier at a significantly reduced valuation, per reports.
In all, Railsr has raised over $100 million in equity funding from investors including Visa.
Sources said that existing shareholders at Railsr are also part of the consortium vying to acquire the company at a significant discount to an earlier investment round.
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The rival offers for Railsr come as the fintech sector braces for an anticipated wave of consolidation as companies struggle to access sufficient funding to survive.
Railsr itself closed a bridge round last year believed to be geared towards helping the business tide over until the completion of a sale.
