Railsbank Technology Limited (10076912): administration
- Status
- In administration
- Administration began
- 2023-03-09
- Administrators
- Mark Granville Firmin, Richard James Beard
- Administrators' firm
- Alvarez & Marsal
- Incorporated
- 2016-03-22
- Location
- Brighton
- Industry
- 62012 Business and domestic software development
Why it went into administration
- Cash flow / liquidity pressure
- Creditor pressure / legal action
- Loss of a key customer, supplier or contract
- Regulatory change or action
- Sustained trading losses
From the administrators' statement
The Company was incorporated on 22 March 2016 and is the ultimate parent company in the Railsr group (the “Group”) — a group structure chart has been provided at Appendix 5. The Group provides digital banking and e-money services to financial and other consumer-facing companies offering payments services, digital wallets, loyalty cards and other products.
The Company provides the platform and technology to enable its operating subsidiaries to trade. The Group’s main operating subsidaries are regulated e-money providers, the two material entities being PayrNet Limited, a UK registered subsidiary which holds an Electronic Money Institution licence in the UK, and UAB PayrNet, a Lithuanian registered subsidiary which holds an e-money licence issued by the Bank of Lithuania.
The regulated e-money provider subsidiaries hold the consumers’ e-money. Together, PayrNet Limited and UAB PayrNet hold approximately $650 million of e-money on behalf of over 4 million consumers. We understand a number of these are considered to be vulnerable people.
Administrators' statement of proposals (2023-03-23) · Companies House register