The new way to get tech

Founded in 2018, Raylo’s mission is to change how people access technology for good. To achieve this, the company has redesigned the tech consumption model into a fully functioning circular ecosystem. Raylo customers choose between hiring a brand new or refurbished device over a term of 12 to 24 months. When customers want to upgrade to a newer model, the old device is returned to Raylo for refurbishment and reuse by another Raylo customer – this means that phones are being used until the end of their lifespan, while, on average, consumer technology is only used 40% of its potential lifespan, which results in smartphone e-waste and unnecessary CO2 emissions.

For every refurbished device that the company ships, it prevents a new phone from being unnecessarily manufactured. According to Raylo’s own analysis, its solution for consumers to subscribe and reuse, rather than buy and dispose, reduces emissions by 53% versus a traditional linear economy. For smartphones alone this translates to an average consumer saving over 1.65kg of CO2e every month.

RCF offers flexibility and cash security for Raylo’s ambition to advance circular economy

To unlock their growth potential and continue to support the circular economy, Raylo sought a strategic financing partner that could provide a flexible financing solution in support for the business’ progressive and ambitions growth objectives.

The NatWest team worked closely with the Raylo team to understand the business’ ambitions for growth and their present and future financing requirements. Based on the discussions, NatWest provided a two-part facility to Raylo – a £25 million committed Revolving Credit Facility (RCF) and a further £25 million uncommitted accordion as part of a financing package that ultimately has the potential to provide over £100m capital for the business. This will help Raylo to expand their product offering through Raylo.com, as well as develop checkout integration for merchants through Raylo Pay.

Delivering a fast and efficient Specialty Finance solution

Richard Fulton, co-founder and CSO, Raylo, said: "We're thrilled to have the support of NatWest as Raylo continues to grow and innovate. The NatWest team were immediately attracted to our mission to provide more affordable and sustainable ways to access the latest technology and how it aligns to NatWest's ESG objectives and passion for innovation and disruptive technologies. We were impressed by how quickly terms were agreed and due diligence was completed, but also the team's patience as we pulled together the other elements of the transaction, which ensured the financing is very efficient for Raylo. The support has continued post-closing and we're already discussing other potential opportunities to work together, so we're confident this is just the start of a long and productive relationship with NatWest.”

Milena Sheahan, Specialty Finance, NatWest, commented: “We are delighted to have been able to support Raylo with this comprehensive initial financing package. NatWest is a major supporter of businesses in the UK with deep-rooted financial institutions expertise, and we are excited that we can actively contribute to building a green economy by supporting ambitious and progressive companies with innovative solutions such as Raylo. We are very excited for the future of our relationship with Raylo, and we look forward to positively supporting the business for many years to come as they continue to deliver on their strategic goals.”


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