Qrails
“Can a vertically integrated issuer-processor own the full EWA stack — from card issuance and payroll disbursement to employer-facing program management — to become the dominant infrastructure layer for on-demand pay?”
HQUnited States (offices in Miami FL, Toronto, Denver, London)
IndustryInfrastructure / Payments
The story
QRails began as a cloud-based, API-driven issuer processor and prepaid card program manager. After being acquired by Canadian fintech XTM Inc. in 2023, the platform pivoted toward becoming the core infrastructure for XTM's vertically integrated Earned Wage Access business under the AnyDay brand. The combined entity now positions itself as the first certified end-to-end EWA processor, adding payouts, disbursements, paycards, and global worker remittance (PayNow) on top of the underlying issuer-processor rails.
Last 12 months
Product timeline
2018
QRails Ltd incorporated in the UK (company number 11329861), signaling early international expansion.· pivot
2022
Privacy Policy updated referencing AnyDay mobile application and Earned Wage Access as live products.· banking
2023
XTM Inc. initiated acquisition of QRails in March 2023, formally closing August 18 2023, making XTM the first certified vertically integrated EWA provider.· acquisition
2023
Post-acquisition, XTM assumed QRails payroll and accounts payables operations; US revenue grew 328% YoY in Q3 2023.· banking
2024
XTM launched PayNow — a global workers payout, remittance and employee benefits program powered by QRails infrastructure.· banking
2024
XTM secured up to USD $90 million debt facility to fund Earned Wage Access growth through QRails AnyDay platform.· lending
Regulated entities
2
regulatory licences held by Qrails
Licence types, jurisdictions and registered entities are in the Embedded Finance Index report.
The stack
4 layers disclosed in Qrails’s embedded-finance stack
Payments / PSP
QRails (self-operated issuer processor)
Banking / BaaS
in the full report
Card issuing
in the full report
Sponsor bank
in the full report
Accounting gap: none
3 more providers across 3 layers, with confidence-scored evidence and source URLs, are in the Embedded Finance Index report.