Gadgets are an essential part of everyday life, but they’re a bit of a nightmare for the planet. The impact of smartphones on the environment is a huge concern and one that’s growing. Every year, millions of perfectly good devices end up languishing in landfills or dumped in drawers, adding to e-waste. If you think switching to recycling, then you need to know that it doesn’t make smartphones sustainable.
UK-based Raylo known as ‘Netflix of Electronics’, a London-based subscription payment platform for electronics is addressing this pressing challenge. It works with the mission to accelerate circular economy via its platform that enables lease-and-reuse of consumer goods.
Raises £5.2M funding
In a recent development, Raylo has raised £5.2 million in cash and airtime in its latest funding round, led by Macquarie and Channel 4 Ventures. This round follows the £6.5 million funding that was raised earlier this year. With this round, the total investment secured by the company accounts for £21 million.
The company will launch a crowdfunding campaign on Crowdcube, giving individuals the chance to own a stake in the business. Registration for potential investors is also open on the platform. By participating in the upcoming Crowdcube campaign, individuals can become part of the solution to the global e-waste crisis.
Hannah Redgewell, Investment Principal at Channel 4 Ventures said: “We are delighted to be supporting Raylo with its ambition to become a leading circular economy platform. The Raylo team has shown impressive traction in building a new consumer electronics proposition that is beneficial for both customers and the planet; and the launch of newer products, such as Raylo Pay and Raylo Insurance, demonstrate the company’s innovativeness and commitment to building a great customer experience. Our investment will enable Raylo to build awareness of its proposition throughout the UK and help it on its journey to becoming a household name.”
Karl Gilbert, co-founder and CEO of Raylo added: “Today, we celebrate a significant milestone in our mission to accelerate the move to a circular economy. With the support of Macquarie and Channel 4 Ventures, we’ve raised an additional £5 million, totaling £21 million in funding. Our remarkable journey includes over 80,000 customer subscriptions, 39x growth in the last three years, an annualised recurring revenue of £22 million, and B Corp certification. We invite you to join us as we prepare to launch our crowdfunding campaign on Crowdcube, opening doors for individuals to make a lasting impact on sustainability.”
AI-powered risk model
Founded by Karl Gilbert, Richard Fulton, and Jinden Badesha in 2018, Raylo enables consumers access to the latest products via a monthly subscription that’s both more economical and sustainable.
Raylo’s technological prowess is evident through its innovative AI-powered Xylo risk model, which employs over 3,000 factors and alternative data sources, including open banking, designed to deliver the highest approval rates. Additionally, Raylo’s residual value pricing engine provides real-time pricing information for thousands of SKUs, ensuring that customers receive fair value for their devices.
Raylo’s retailer pipeline extends across a number of categories, including consumer electronics. Affordable Mobiles, a leading UK electronics retailer, is amongst the first to add Raylo Pay to their checkout, offering their customers 12, 24, and 36-month subscriptions across tablets, laptops, and smartphones.
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