New £2.9m investment for Belfast-based start-up Raylo
A Belfast-based start-up has received £2.9m worth of investment as it seeks to "disrupt the UK mobile market".
Raylo said the new investment will help grow its business by "developing technology and hiring new employees to support its growing subscriber base".
The firm said it gives customers an alternative to expensive bundled handset contracts, and that the new funding will propel its growth in the UK market.
After launching the company in May, Raylo now offers the iPhone 11, iPhone 11 Pro and iPhone 11 Pro Max, with subscriptions starting at £25.99/month, which is lower than many mobile providers.
The latest funding has come from Macquarie Group, a global provider of banking and other financial services.
Raylo secured £1.6m pre-seed investment in June.
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