A U.K. startup called Raylo, which is leaning into both of those themes and providing consumers access to new technology through short-term leases, has raised USD 136 million to expand its business.
The London-based business currently sells monthly subscriptions for phones, tablets, and laptops in the U.K. It intends to use the funding to both broaden its product offering to include more gadgets, such as e-bikes, as well as to keep investing in its technology.
This includes an AI-based platform to assess risk for each sale, recommendation tech, and a platform called “Raylo Pay” that is embedded by other merchants so that Raylo can power leasing services for them.
The company claimed that another development at the company is also based on the circular component of its sales model.