United Kingdom · Payments & e-money
Payrnet Limited
PayrNet Limited is a private limited company incorporated in England and Wales and based in London. The Financial Conduct Authority (FCA) authorises it as an electronic money institution under firm reference number 900594. It is wholly owned by Embedded Finance Limited, which trades as Railsr. Since April 2025 that company has been part of the group combined with Equals Money, which rebranded as Equals in June 2026. PayrNet holds the regulated licences and payment scheme memberships behind the Railsr platform. Customers contract with it for regulated services. Its e-money accounts and cards reach end users through appointed agents and distributors.
Licences and registrations
Held by Payrnet Limited (LEI 213800P6JVHRWB8UK129). 1 entry on 1 of the 22 tracked registers, retrieved 25 September 2026.
| Register | Licence | Number | Jurisdiction | Status | Registered | Ends | Activities | Register entry |
|---|---|---|---|---|---|---|---|---|
| FCA Financial Services Register - E-Money InstitutionsFCALinked by LEI. Matched by Elucidate to GLEIF on name, country and address. | Authorised E-Money InstitutionE-Money / Stored Value Institution | 900594 | United Kingdom | Active | 2018-05-03 | — |
|
Search the register ↗ |
Trading names on the register: Railsr (FCA-EMI)
- Licences belong to the legal entity, not to a BIC.
- Each licence applies in the country of the regulator that granted it.
- Registers are tracked in 37 countries. Licences granted elsewhere are not recorded here.
- The register entries and their trading names were not matched against sanctions lists. The sanctions facts on this page cover the BIC and its LEI only.
Swift network
Swift’s ISO 9362 BIC directory
- BIC
- PAYRGB2LXXX head office
- Connection to Swift
- Connected to SwiftThis BIC is registered as a live address on the Swift network. The institution sends and receives Swift messages under PAYRGB2L directly.
- Swift GPI
- Not on the member list
- Payment schemes and systems
- No entry in the EPC registers, the ECB T2 and TIPS lists or the SIX Bank Master cites this BIC
- Branch codes
- None: head-office BIC only
- Other BIC with this LEI
- PAYRGB21
- BIC first registered
- 2017-04-23
- Last updated
- 2025-06-04
Overview
Researched 29 Sep 2026 · Sources
Customers
Not published
Ownership
Group subsidiary
100% Embedded Finance Limited
Firm type
Banking as a service
Trades as PayrNet
- Standing
- Embedded Finance Limited (trading as Railsr) acquired the firm in March 2023. The sale came out of the administration of its former parent, Railsbank Technology Limited. According to its 2024 accounts, the FCA modified a voluntary requirement in May 2024, and the firm could then resume onboarding new UK customers. The railsr.com homepage still states that the firm cannot onboard new agents or distributors without the FCA's prior written consent.
- Ownership
- Embedded Finance Limited (company 14698459, trading as Railsr) owns 100% of the firm. According to the firm's 2024 accounts, Alakazam Holdings Midco Limited became the ultimate parent on 28 April 2025, and there is no ultimate controlling party.
- Direct parent
- Embedded Finance Limited, United Kingdom 100%
- Ultimate owner
- Alakazam Holdings Midco Limited
- Head office
- 3rd Floor, Vintners' Place, 68 Upper Thames Street, EC4V 3BJ London, United Kingdom
- Company register
- Companies House 09883437
- Incorporated
- 23 Nov 2015
Online
- Websites & references
- railsr.com ↗
dashboard.railsr.com ↗ client dashboard (sign-in)
support.railsr.com ↗ knowledge base - Official social accounts
- LinkedIn ↗ · X ↗ · Facebook ↗
Sources · 15 pages consulted
- find-and-update.company-information.service.gov.uk/company/09883437
- find-and-update.company-information.service.gov.uk/company/09883437/officers
- find-and-update.company-information.service.gov.uk/company/09883437/persons-with-significant-control
- find-and-update.company-information.service.gov.uk/company/09883437/filing-history
- find-and-update.company-information.service.gov.uk/company/09883437/filing-history/MzQ5Mjg5Mjc1OWFkaXF6a2N4/document?format=xhtml&download=1
- register.fca.org.uk/s/firm?id=001b000003JiNqpAAF
- railsr.com/payrnet
- railsr.com
- railsr.com/privacy-policy
- anna.money/terms-payrnet/
- finextra.com/pressarticle/105371/railsr-and-equals-group-merge
- towerbrook.com/railsr-and-equals-combine-to-create-one-of-europes-largest-embedded-finance-providers/
- openbankingexpo.com/news/equals-money-railsr-rebrands-as-annual-transaction-volume-surpasses-58bn/
- osborneclarke.com/news/osborne-clarke-advises-sale-fintech-railsrs-embedded-finance-platform-and-its-groups
- keystonelaw.com/keynotes/can-e-money-holders-retrieve-their-funds-after-administration/
Authorisation
Researched 29 Sep 2026 · Sources
- Operates under
- Its own licences
The FCA authorises the firm as an electronic money institution under the Electronic Money Regulations 2011, firm reference number 900594. It appoints its client firms as agents or distributors of its e-money services.
| Authority | Licence or registration | Number | Held | Status | Source |
|---|---|---|---|---|---|
| Financial Conduct Authority United Kingdom | Authorised Electronic Money Institution | 900594 | In its own name | Active | register.fca.org.uk ↗ |
Licences and registrations the research found, at home and abroad, as the firm and its regulators publish them. The Licences and registrations card shows the entries on the registers the directory tracks.
Partners and safeguarding
Researched 29 Sep 2026 · Sources
- Safeguarding
- Segregated safeguarding accountsThe firm states that it keeps client funds separate from its own funds, in accounts with an authorised bank or covered by an insurance policy or similar guarantee. Its 2024 accounts show GBP 304 million of safeguarded funds, partly invested in money market funds.
- Payment schemes and card networks
- Faster Payments Direct railsr.com ↗
Bacs Direct railsr.com ↗
Visa Direct railsr.com ↗
Mastercard Direct railsr.com ↗
SEPA Through a partner railsr.com ↗
Swift Direct railsr.com ↗
Banks and regulated firms the firm says hold its customers’ money, issue its cards, sponsor its accounts or settle its payments, as it discloses them in its terms and notices.
Products and markets
Researched 29 Sep 2026 · Sources
The firm issues e-money accounts and Visa and Mastercard cards that fintechs, brands and other distributors offer to their own customers through the Railsr platform. The firm's published terms for these accounts cover UK, EEA and international credit transfers, Direct Debits and currency conversion.
The firm serves customers under its UK licence. According to its 2024 accounts, about 99% of that year's turnover came from the United Kingdom.
- Revenue
- GBP 17.1m
- Sells to
- Platforms and marketplaces · Small businesses · Consumers
- Serves customers in
- United Kingdom
Leadership
Researched 29 Sep 2026 · Sources
- Executive
- Ian Alexander Irving Strafford-Taylor Director (Chief Executive Officer of the Equals group)
- Executive
- David Ronald Gagie Director
- Executive
- Peter William Haspel Director
- Executive
- Wendy Nicole Braithwaite Company Secretary
Recent events
Researched 29 Sep 2026 · Sources
-
Leadership
The firm appointed Peter William Haspel as a director on 5 August 2026.
find-and-update.company-information.service.gov.uk ↗ -
Other
Equals Money and Railsr, the brand of the firm's parent, rebranded as Equals.
openbankingexpo.com ↗ -
Leadership
Philippe Morel resigned as a director on 7 November 2025, and Ian Strafford-Taylor was appointed on 27 November 2025.
find-and-update.company-information.service.gov.uk ↗ -
Merger / acquisition
A consortium led by TowerBrook and J.C. Flowers acquired the parent, Embedded Finance Limited, and combined it with Equals.
finextra.com ↗ -
Other
The firm recorded a GBP 3.58 million provision for anticipated costs of litigation and regulatory matters in its 2024 accounts.
find-and-update.company-information.service.gov.uk ↗ -
Licence
The FCA modified voluntary requirement restrictions on the firm, which could then resume onboarding new UK customers.
find-and-update.company-information.service.gov.uk ↗ -
Leadership
Louisa Murray and Stephen Couttie left the board on 15 March 2024. Philippe Morel, Iwona Jordan and Tomas Hazleton joined it.
find-and-update.company-information.service.gov.uk ↗
Compliance-relevant events of the last three years, newest first: fines and enforcement, investigations, security incidents, licence changes, funding rounds, acquisitions and leadership changes. Each links to its source.
Identifiers
Head-office record
- BIC
- PAYRGB2LXXX
- How the BIC breaks down
- PAYRBank
- GBCountry · United Kingdom
- 2LLocation
- XXXBranch · head office
- Branch description
- Not recorded in the directory
- LEI
- 213800P6JVHRWB8UK129
- LEI record
- View on GLEIF ↗
- Licence no. · FCA-EMI
- 900594
- How the LEI was matched
- BIC: Mapped to this BIC in the Swift and GLEIF BIC-to-LEI relationship file.Register entry: Matched by Elucidate to GLEIF on name, country and address.
- Register-entry ID
- 0f32427ab9a9
- Companies House no.
- 09883437 ↗
Profile
- Type
- Payments & e-moneyPayment institutions, e-money and stored-value issuers, and account-information providers. Licensed under payment-services law (e.g. PSD2 in the EU and UK, the Payment Services Act in Singapore). Taken from the licences on the tracked registers.
- Regulation
- Prudential licenceAuthorised with capital, safeguarding and conduct requirements, e.g. an authorised payment or e-money institution in the EU or UK, a major payment institution in Singapore, or a MiCA crypto-asset service provider.
- Register licences
- 1 entry on 1 register
- Activities
- Payment services
- E-money / stored value
- Licensed in
- United Kingdom
- Country · region
- United Kingdom · Europe & Central Asia
- Trading venues (MIC)
- No MIC registered under this LEI list of 2026-09-17
- OFAC sanctions
- No listing cites this BIC
- EU sanctions
- No listing matched this BIC or its LEI
- Country sanctions
- No country programme
Types come from Swift’s BIC classification, the licences on the 22 tracked registers, and the ECB and FSB bank lists. Most banks outside the euro area appear as financial institutions, because their supervisors’ registers are not tracked yet.
Ownership and group
GLEIF relationship records
GLEIF’s relationship records name no parent for this LEI, and no group page is published for it.
Persons with significant control
Companies House · company 09883437 ↗ · as at 9 October 2026
Companies House lists 1 person with significant control for Payrnet Limited: 1 company.
| Name | Type | Nature of control | Notified |
|---|---|---|---|
| Embedded Finance Limited ↗ | Company · UK | 75–100% of shares · 75–100% of votes · Can appoint or remove directors | 9 March 2023 |
| Alakazam Holdings Bidco Limited ↗ | Company · UK · through Embedded Finance Limited | 75–100% of shares · 75–100% of votes · Can appoint or remove directors | 28 April 2025 |
| Alakazam Holdings Midco Limited ↗ | Company · UK · through Alakazam Holdings Bidco Limited | 75–100% of shares · 75–100% of votes | 15 November 2024 |
| Neal Moszkowski | Individual · through Alakazam Holdings Midco Limited | Significant influence or control | 15 November 2024 |
| James Christopher Flowers | Individual · through Alakazam Holdings Midco Limited | Significant influence or control | 28 April 2025 |
Companies report persons with significant control to Companies House. Elucidate has not verified them.
A person with significant control holds more than 25% of the shares or votes, can appoint or remove the board, or has significant influence or control. Dates of birth and addresses are not shown.
Matched on the Companies House number that the FCA register gives for this firm.
See the register at Companies House ↗Addresses
- Registered address
- 3/ F, VINTNERS' PLACE 68, UPPER THAMES STREET LONDON EC4V 3BJ UNITED KINGDOM
- Operational address
- VINTNERS' PLACE FLOOR 3 68 UPPER THAMES STREET LONDON LONDON EC4V 3BJ UNITED KINGDOM
ISO 20022 identification
As an agent in a Swift cross-border payment message (CBPR+)
A CBPR+ message identifies this institution by its BIC, and may add its LEI or a clearing code. CBPR+ does not allow a name and postal address next to a BIC.
- Identified by
- BIC, with its LEI
- Roles in CBPR+
- Any agent, including the instructing and instructed agents
CBPR+
For cross-border payments on Swift: the BIC, with the LEI and clearing code where known
<FinInstnId>
<BICFI>PAYRGB2LXXX</BICFI>
<LEI>213800P6JVHRWB8UK129</LEI>
</FinInstnId>Full record
Every ISO 20022 element the directory holds. Base ISO 20022 allows them together. CBPR+ does not allow a name and address next to a BIC
<FinInstnId>
<BICFI>PAYRGB2LXXX</BICFI>
<LEI>213800P6JVHRWB8UK129</LEI>
<Nm>PAYRNET LIMITED</Nm>
<PstlAdr>
<TwnNm>LONDON</TwnNm>
<Ctry>GB</Ctry>
<AdrLine>3/ F, VINTNERS' PLACE 68, UPPER THAMES STREET LONDON EC4V 3BJ</AdrLine>
</PstlAdr>
</FinInstnId>The BIC, name and address are as published in Swift’s BIC directory. The LEI comes from the Swift and GLEIF BIC-to-LEI file. Check them against your own records before use.
Claim this profile
Work at Payrnet Limited?
Claim this page to have it marked as verified by the bank, and to send us corrections. We verify every claim before anything changes on the page.
- 01Submit Tell us who you are, using your work email.
- 02We verify We check the email domain and confirm your role with the bank. This usually takes up to five business days.
- 03Profile claimed The page is marked as claimed and verified. You can send us corrections at any time.
Claim received
Thank you. We will email your work address once the claim is verified. Until then, the page stays unclaimed.
The claim was not sent. Try again, or email contact@elucidate.co.
Sources & method
Every value comes from a public source, such as Swift’s ISO 9362 BIC directory, GLEIF or the OFAC and EU sanctions lists. Most sources are matched on a BIC or an LEI, not on a name.
Swift GPI membership is matched on names and is indicative. A missing sanctions match does not mean that no listing applies. Always screen against the official lists.
Register entries are not screened against sanctions lists. The sanctions facts on this page cover the BIC and its LEI only.
An institution is one entry in the directory: a BIC8 in Swift’s directory, or a firm on a tracked register that holds no BIC. Licences held by an institution with a BIC are shown on its page.
Read the methodology →Credits for this page
- FCA Financial Services Register - E-Money Institutions—Financial Conduct Authority (FCA) · register ↗ as at 25 September 2026
- Persons with significant control—Companies House · source ↗ as at 9 October 2026
- Overview, authorisation, partners, products, leadership and events—researched per institution by an AI model with web search, from the firm's own website, terms and filings, regulators' registers and notices, company registers and news. Licences, partners, figures, people and events link to their source, and each card shows the research date. AI research can be wrong or out of date, so check key facts at the source.
- Images—logos and photos from Wikimedia Commons (credited with their author and licence) or from the institution's own website, where Wikimedia has none. Elucidate keeps a copy of each; the links lead to the source and the original image. Logo: railsr.com (official website).
Assess the financial crime risk behind a BIC
A BIC identifies an institution; it does not assess it. The Elucidate FinCrime Index (EFI) is an independent score of the financial crime risk of banks, built for correspondent banking and counterparty due diligence.
Book a demo