With effect from April 15, 2024, Lord Hammond takes over for Rick Haythornthwaite, who is stepping down to become chairman of NatWest Group.

Regarding his replacement, Haythornthwaite states that "at this crucial juncture, the company will benefit enormously from Lord Hammond's extensive business and political experience."

Throughout his political career, Lord Hammond has held a number of important ministerial positions. He held the positions of foreign secretary, secretary of state for transportation, and secretary of state for defense in the UK before taking on the role of chancellor of the exchequer from 2016 to 2019.

Lord Hammond has taken on a number of business positions in the last several years, such as senior adviser at OakNorth Bank, non-executive director at Ardagh Group, and chairman of Copper Technologies.

In addition to BIN sponsorship, card issuance, and virtual wallets, Railsr provides a variety of Banking-as-a-Service (BaaS) and Cards-as-a-Service solutions that can be integrated with popular payment networks like UK Faster Payments, SEPA, Bacs, and Swift.

The appointment of Lord Hammond follows a turbulent 2023 for Railsr, during which the fintech hired a number of new leaders after being sold to a group of venture capital firms in a rescue deal.