London-based Raylo, a company that gives consumers access to high-end technology products such as the iPhone through affordable monthly subscriptions, announced Tuesday a £110million investment from NatWest Bank and Quilam Capital (approx. announced the closure of its €125 million debt financing facility.
Karl Gilbert, co-founder and CEO of Raylo, said:
Raylo also holds Benefit Corporation (B-Corp) status. Its sustainability report highlights that more than 50% of emissions can be saved by extending the life of existing products and avoiding unnecessary overproduction of new products.
A certified B Corporation meets validated social and environmental performance standards, public transparency, legal accountability, and balances profit and purpose.
The UK company said the proceeds will be used for business expansion and product development. Raylo has so far raised his £150 million (around €170 million) from existing equity investors Octopus Ventures, Macquarie Bank and Telefónica.
“This funding supports our strategy to further expand our platform and provide more customers with affordable and sustainable access to the technology products they need,” said Gilbert. I will add.
Affordable access to high-end technology
Three former bankers, Karl Gilbert (CEO), Richard Fulton (CSO) and Jinden Badesha (CPO), founded Raylo in 2019 to consume high-end electronics such as mobile phones, tablets and laptops available for a reasonable monthly fee. Subscriptions from £7.31 per month.
On phones, the platform also offers free eco cases and screen protectors.
Every year, millions of good phones end up in landfills and drawers. Raylo aims to extend the life of your electronics, and to refurbish them before reusing them once the lease period is over.
The tech startup aims to use each device for a minimum of six years. As a result, the company uses resources more efficiently and respectfully.
Richard Fulton, co-founder and CSO of Raylo, said:
The refurbished iPhone platform claims to have grown more than 100% year-on-year and expects growth to accelerate as the UK battles high inflation.
Going forward, the company plans to grow its direct-to-consumer sales channel and Raylo Pay, an integration for merchant checkout.
The retailer’s pipeline has grown tenfold in the last six months, capturing a £3 billion annual opportunity, according to the company.
In contrast to traditional approaches, the company employs AI models and open banking data to reach more customers than traditional methods. As a result, on average, he claims to have achieved credit approval rates for expensive consumer electronics orders in excess of £1,000.
NatWest senior director Milena Sheahan said:
“Raylo is a forward-thinking business with a solid platform for positively influencing consumer behavior and attitudes towards future technology use,” adds Sheahan.