Embedded Finance Fintech Railsr Selects Elmore as Insurance Partner

Embedded finance Fintech Railsr, previously doing business as Railsbank, has entered a new partnership with specialist insurance intermediary Elmore.

Via the collaboration, Elmore will aim to offer “specialist” Fintech insurance for Railsr’s client internationally, with products that offer protection against operational risks, and which also support contractual and regulatory guidelines/requirements.

The cover provided by Elmore reportedly includes cyber insurance, professional indemnity insurance, crime insurance as well as directors’ insurance.

In addition to these services, Railsr’s clients may have access to a wide range of embedded insurance options, like personal cyber protection for end-users in fiat and crypto.

Nigel Verdon, CEO and co-founder of Railsr, noted that Elmore’s fintech insurance products should give its clients “peace of mind to mitigate operational risks within their business.”

He added:

“Together with Elmore, we can continue to deliver deeper financial experiences that drive relationships, relevance and revenue for our customers.” 

Elmore was established in 2015 by Simon Gilbert and carries out business operations in  London and Lisbon, Portugal, and focuses on tech-related new risks and emerging threats.

Gilbert added:

“Together, Railsr and Elmore will support the growth of better and more versatile financial services for customers worldwide.”

Railsbank had changed its name to Railsr in June 2022.

As covered earlier this year, Parpera, a money management platform for sole traders, freelancers, and startup founders, had launched Australia’s “first” embedded finance business experience “using a debit card linked directly to deposit accounts,” in partnership with Railspay (the Australian arm of Railsbank) and Volt.

The Parpera Business Debit Mastercard card is currently available to Australian sole traders, who will be able to “use the Parpera App and debit card experience to better manage their business payments, make fee-free international transactions, and control their spend.”

The card may now be “added to Google Pay, and in Q2 it will also be available to Australian companies and on Apple Pay.”

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