A British fintech company led by former chancellor Lord Hammond of Runnymede has merged with its London-listed counterpart.
Sky News learned about Railsr, lord hammond It only joined last month and has written to Equals Group proposing to merge the two companies.
It was unclear Wednesday when this agreement was reached and whether active discussions took place between Railsr and Equals Group.
Equals Group said in a stock exchange announcement on Wednesday morning that it remains in the offer period and extended the deadline for a formal offer to mid-April.
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US private equity firm Madison Dearborn Partners and other suitors are also exploring takeover offers for the company.
Equals Group has a market capitalization of just over £200m and provides business-to-business payments solutions to corporate clients.
Railsr’s parent company, called Embedded Finance, provides banking as a service and cards as a service, including products such as card issuance and virtual wallets, both of which are in growing demand as digital finance explodes.
Last autumn the company raised around £20m from investors including D Squared Capital and Moneta Venture Capital to expand again.
Railsr is best known for acquiring assets that once belonged to defunct German tech company Wirecard, but later fell victim to aggressive overexpansion and ran into serious regulatory issues as the market for funding tech companies dried up.
The company has since appointed experienced fintech executive Philippe Morel as its CEO.
Railsr and Equals Group declined to comment.
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