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Citibank has led a £30 million Series B funding round in UK-based tech rental subscription platform Raylo, strengthening the company’s plans for continued growth in its home market and expansion into the United States.
The fundraising comprises £10 million in equity led by Citibank, alongside £20 million in debt provided by existing investor NatWest. Raylo plans to use the fresh capital to scale its UK operations and support a planned US market entry in the second half of 2026.
With this latest round, Raylo has now raised more than £180 million in total funding, attracting backing from investors including Macquarie, Channel 4 Ventures, Citibank, and NatWest.
The funding announcement coincides with Raylo securing a new partnership with LG, allowing UK customers to access premium televisions and audio products through a flexible subscription model. The offering provides lower monthly costs and the option to upgrade devices as new technology becomes available.
Raylo has previously partnered with major brands such as Dyson, PlayStation, and Apple. Through its proprietary platform, the company enables electronics manufacturers to launch and scale subscription services, supported by AI-driven credit underwriting, financing, and end-to-end device lifecycle management.
Commenting on the development, Raylo CEO and co-founder Karl Gilbert said electronics brands are increasingly shifting away from one-off sales towards subscription-based models.
“Our partnership with LG marks an important milestone in that transition, delivering clear value for both brands and customers, while expanding our offering with a truly global electronics leader,” he said.
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