London-based Raylo, the ‘Netflix’ for smartphone users raises €1.8M funding

London-based Raylo, the ‘Netflix’ for smartphone users raises €1.8M funding

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Getting your hands on the latest iPhone could be a far-fetched dream for many due to the high cost involved. Though numerous carriers offer these smartphones with bundled contracts, it might require you to spend on unnecessarily on things that aren’t useful for you.

This is what a London-based startup Raylo wants to change for the benefit of consumers. The company launched a new way that lets you get the latest iPhones without any unwanted bundled phone contracts. Its subscription model is touted to offer a smarter alternative to the expensive bundled deals offered by carriers.

Heads up about Raylo!

Raylo is founded by three ex-bankers – Karl Gilbert, Richard Fulton and Jinden Badesha with experience in Goldman Sachs, Barclays, Funding Circle and Deutsche Bank. The company lets you own the latest iPhone without spending a fortune as it provides you with a fully-insured SIM-free device with a complimentary screen protector and case instead of requiring you to get a new contract for the phone. Eventually, the overall cost of ownership of an iPhone is much lower with Raylo’s subscription model.

Raised €1.8M funding

This London-based startup has raised £1.6 million (nearly €1.8 million) pre-seed funding. It is backed by a seed stage focused VC Techstart Ventures and a select group of angel investors including James Meekings and Samir Desai, the co-founders of Funding Circle.

Affordable ownership

Raylo wants to make using a smartphone more of a subscription model similar to Netflix. Raylo claims to offer affordable iPhone ownership with its platform. You can make lower payments and return your phone after 24 months when you need to upgrade to a recent model.

Also, you can keep the SIM with you and this works out to be affordable as you are not tied down to a mobile network. Most importantly, the Raylo subscription includes insurance against theft, loss and accidental damage and the company provides a screen protector and case as well.

Chooses a sustainable path!

After the specified period of 24 months, if you want to upgrade your smartphone, then you can approach Raylo. All you need to do is send the device back to them so that someone else buys it or the company can recycle the used phone. Aiming at sustainability, the startup uses cases that are made of plants and not plastic and the packaging is fully recyclable. All this is possible through the partnership with Pela, a leading compostable phone case producer.

Stay tuned to Silicon Canals for more updates in the tech startup world.

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