Home Funding UK based Raylo gains £10 million debt financing

UK based Raylo gains £10 million debt financing

UK based Raylo gains £10 million debt financing
UK based Raylo gains £10 million debt financing

Raylo, a UK based enterprise that offers smartphone circular leasing models have raised around £10 million debt financing to hike its growth for the next phase on 26th October 2020. The debt deal was led by the early-stage Venture Capital Avellinia Capital with the participation from Clerville Investment Management.

The company is planning to use this fresh funding to scale their present growth trajectory with the future aim of doubling their subscriber base within the next few months. The enterprise presently has 20 offices in the UK. The company focuses on better value, experience and environment sustainability as well. The lower prices, better customer service and green environment are what they have built their customer base on. 

The London-based enterprise Raylo, provides sustainable solutions for disposed phones. The customers can rent refurbished and new phones at lower monthly costs. And when the customers want to upgrade their phones to a new model the old one is returned to the company for reuse and refurbishment. As the company says their certified refurbished services are among the fastest growing category of products. Getting a new phone is a complicated, wasteful and expensive process, and they are in the market to change that. So, they offer people to get the mobile phones they want without the need to own them-with their rental model!

The circular rental model by Raylo

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They believe that the one-trip ownership of products is approaching an end. With the circular model introduced by Raylo the devices will be used at least by two people over its 6 to 7 years lifespan. This model of circular rental is supposed to minimize the CO2 emissions of a device by 113 kg and thereby triple the lifespan of a phone. Overall their plan has a long term vision of reducing overproduction of such devices as approximately 45 million tons e-waste caused by good quality check annually is going unknowingly to landfill. 

This circular rental model by Raylo is underpinned by the platform which utilizes open banking data and doesn’t rely on credit bureaus. The traditional methods in use by the credit bureaus analyze people living in particular postcodes and the ones which are limited with the credit history. They make more precise assessments of the people’s finances, the use of open banking data and enable their services to a wider range of people. Individuals from several social economic backgrounds can get a good quality smartphone and get the benefit of social mobility that follows.

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