![]() Nigel Verdon, Railsr's co-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". Of the three broad categories of federal government spending, mandatory spending, such as that for Social Security (1.046 trillion), Medicare (625 billion) and Medicaid (412 billion), accounts for 62 percent of 2019’s total expenditure. The British company secured a coup last year when it named Mr Haythornthwaite, the former chairman of MasterCard and current chair of Ocado and the AA, as its chairman. It has raised well over $100m in equity funding, with backing from investors including Visa. Railsr has itself been on the acquisition trail, having snapped up assets from the collapsed German company Wirecard following the exposure of a massive fraud there. Last autumn, the company announced the completion of a $46m Series C funding round, although it did not publicly disclose that this took place at a valuation of about $250m - well below that of an earlier fundraising. ![]() Grocery inflation hits new record high of 17.1% Stronger public finances 'weaken government's stance on pay' The federal government could save billions of dollars by transforming such disparate functions as taxpayer services, prison staffing and infectious disease modeling, according to a watchdog report. Railsr itself raised a bridge funding around late last year which was designed to provide enough capital to see it through to a sale. ![]() Railsr's travails have deepened amid expectations of consolidation in the fintech sector as companies struggle to access sufficient standalone funding to survive.
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