Raylo raises $136M to build out its gadget leaseandreuse fintech platform

News Summary

  • Some like Grover (which also focuses on gadgets and “leases”), BackMarket (refurbished gadgets) and Vinted (clothes) have scaled up over the years, with lots of funding, big valuations and many customers.
  • A startup called Fair, heavily bankrolled by SoftBank, once took on Uber’s car leasing business when Uber found it to be too much of an operational and financial burden on its business.
  • The business’ commitment to changing the way consumer electronics are sold and enjoyed is extremely well aligned with NatWest’s ESG objectives and passion for innovation and disruptive technologies,” said Milena Sheahan, senior director at NatWest, in a statement.
  • And so it’s created a platform to cater to this, offering shorter-term ownership of those gadgets for a lower price.The per-month rate goes down depending on the length of the lease, but currently the cheapest models are leased at £7.31/month, tablets at £10.72 and laptops at £17.92.
  • “Raylo are a progressive, forward thinking business, with a solid platform to positively influence consumer behaviour and attitude towards use of technology in the future.
  • Carriers however still may want to offer these options, which is where a company like Raylo can step in to provide both the lease and the management of that lease.
With the economy teetering on recession, and sales of mobile phones and other consumer electronics slowing right down globally, a U.K. startup called Raylo thats leaning into both of those themes ha [+7118 chars]