The pre-pack administration process is a form of bankruptcy where the firm would put a buyer in place beforehand. Railsr has been looking for a buyer for several months but a possible deal with African payments technology unicorn Flutterwave has reportedly fallen through. Now, the fintech has called in restructuring firm Alvarez & Marsal to advise on the insolvency process, says Bloomberg, citing sources. However, nothing has been finalised. Spokeswoman Emma Thompson tells Bloomberg: “We are hopeful that we will find a safe harbour for the business that will enable Railsr to continue — fully operational and recapitalised.” A buyer could take on the Railsr "technology, people, assets" along with regulated subsidiaries through administration, she adds. A year ago, Railsr was looking for investment at a $1 billion valuation, but in October it finally secured funds at a heavily discounted $250 million value. That round included a $20 million debt facility from Mars Growth Capital. However, according to Bloomberg, Mars ended up only lending some of the funds and then demanded it back over concerns about Railsr’s stability. Railsr’s UK subsidiary is also being audited by the FCA while its Lithuanian unit is being investigated over concerns it has been "grossly and systematically" violating money laundering and terrorist financing laws.