QRails

About QRails

Founded in 2016 by Gerard Francis Griffin, Laurence E. Molke, and Naseer Nasim, QRails operates as a payment processing platform from its headquarters in Denver, Colorado. Gerard Griffin, a co-founder who also served as CEO, brought extensive financial services experience to the company, having previously founded and managed Tisbury Capital Management, a hedge fund that grew to manage $2.75 billion in assets. This background in high-finance provided a strategic foundation for leading QRails. In August 2023, QRails was acquired by XTM Inc., a fintech company, for US$3.5 million and now operates as a wholly-owned subsidiary.

The company's core business is providing a cloud-based, API-driven issuer-processor platform that enables other businesses, such as payroll providers, financial institutions, and fintech companies, to offer digital payment solutions. The platform is built on an open architecture, offering scalability and security to its clients. QRails primarily serves a B2B market, including payroll service providers, banks, and insurance companies across North America and Europe. Revenue is generated by licensing its processor to other fintechs and earned wage access providers for transaction processing.

QRails' flagship product is AnyDay, an Earned Wage Access (EWA) solution. This service allows employees of its clients to access their earned wages on-demand, rather than waiting for a traditional payday. The AnyDay platform is notable for being a vertically integrated solution, meaning QRails controls the entire technology stack, which differentiates it from competitors. This integration provides greater control over the user experience, payment speed, and costs. The platform integrates with major payroll and time and attendance software, including being a fully-certified SAP EWA solution, which allows for accurate tracking of hours worked and reduces financial risk. The service offers various payment options, including virtual and physical cards and mobile wallet transfers, which can be white-labeled by clients.