Circular device subscription platform Raylo has expanded its debt facility with NatWest and Quilam, increasing the value to £125 million.
Raylo is committed to accelerating the circular economy in consumer electronics. Raylo ensures that products on subscription are returned, refurbished, and reused across multiple users over six or more years. The company’s circular model also addresses e-waste by sustainably recycling products at the end of their useful life, rather than allowing them to end up in landfill.
The increased facility will enable Raylo to further its rapid growth and expand its range of electronic devices, continuing its mission to make cutting-edge electronic devices technology more sustainable, accessible and affordable.
Over the past three years, Raylo has grown 40x and now serves over 100,000 customers.
In addition to the facility increase, Raylo has secured a second-party opinion from S&P Global, confirming that the financing is assessed as green, making Raylo the first fintech business of its kind to achieve this assessment. It was achieved due to Raylo’s circular business model, which extends the useful life of electronic devices, in line with the ICMA Green Bond Principles and the LMA Green Loan Principles.
Karl Gilbert, CEO of Raylo, said:
“We’re excited to expand our relationship with NatWest and to be recognised for our commitment to sustainability.
The S&P green financing validates our circular business model and allows us to offer even more affordable prices to our customers. As we continue to grow, we’re determined to lead the way in making technology both accessible and sustainable.”
Raylo’s circular business model, which focuses on leasing and reusing electronic devices, aligns closely with NatWest's ESG objectives. The independent assessment from S&P has enabled Raylo to reduce the cost of the facility, allowing the company to offer even better value to customers while continuing to reduce electronic waste and support sustainable consumption.
Lead image: Raylo. Photo: uncredited.
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