Railsr picks former blockchain boss as new CEO after emergency sale
City fintech firm Railsr has appointed a former blockchain boss as its new chief executive as it looks to steady the ship with three senior appointments after it was saved from the brink of bankruptcy last month.
In early March, Railsr, an embedded banking platform, was bought by a consortium led by London-based investor D Squared Capital in a deal reportedly worth under £500,000 – a sharp fall from its previous near-$1bn valuation.
The firm, formerly known as Railsbank, said today it was now looking to “start the new phase on the front foot” with the appointment of Philppe Morel as chief executive, Debbie Lotz as finance chief and Nick Charteris as chief operating officer.
Morel was previously the head of blockchain fintech SETL for four years until its acquisition in early 2023. He previously led Boston Consulting Group’s European capital markets business.
Lotz has over 25 years’ experience in global banking and was most recently a data risk chief at the National Australia Bank (NAB).
Charteris’s appointment marks a return to Railsr after spending a year as General Manager of Crypto.com in the UK.
“This triumvirate of executive appointments bring deep experience and renewed energy to rebuild momentum, drive change and return Railsr to growth,” Rick Haythornthwaite, chair of the company’s board, said in a statement.
“Together, we will tackle challenges constructively and methodically embrace opportunities to stabilise the business, strengthen market confidence and grow competitive advantage,” he added.
The rescue deal brought an end to Railsr’s rapid fall from grace, after the firm was rocked by a downturn in the fintech sector last year and struggled to raise cash from investors after expanding rapidly.
Founded in 2015 by serial entrepreneurs Nigel Verdon and Clive Mitchell, Railsr was previously regarded as a darling of the UK’s fintech scene before it ran into troubles.