Inside the Raylo Journey: A Conversation with Karl Gilbert

Raylo set out to change how people access technology. The team thought it would take a year to prove that customers would subscribe rather than buy their devices outright. It took three to four. Today, Raylo is profitable, with more than $100 million in annual recurring revenue and partnerships with brands including PlayStation, Apple, Dyson and HP.

In October, we hosted a fireside chat with our friends at Ormeau Labs to hear how Raylo got there. Niall Horgan, co-founder of Gym+Coffee, led the conversation with Raylo co-founder and CEO Karl Gilbert, who in 2024 became the first entrepreneur from Northern Ireland to join the Endeavor network.

Making the model work

Karl saw an opportunity to rethink a category built around buying devices outright or paying for them in instalments. Raylo gives customers the option to subscribe to phones, laptops and other devices, which are then refurbished for another life.

But proving that customers would embrace a different way of accessing technology was only the beginning. The team initially offered subscriptions directly to customers, and even sourcing enough iPhones for an early launch proved harder than expected.

To make the proposition work at scale, Raylo had to develop much of the infrastructure behind it, from financing and credit checks to deliveries, returns and refurbishment. Taking control of these processes gave the company greater oversight of costs and the customer experience. It also opened the door to partnerships with major brands. PlayStation, for example, could launch its own subscription programme without having to develop those services from scratch.

Putting years of data to work

Years of managing subscriptions have given Raylo something valuable: a wealth of information on how customers use and manage their devices.

Karl sees an opportunity to put that data to work, particularly in assessing credit risk more accurately and supporting future growth. Rather than focusing on automating routine tasks, he sees greater potential for AI in helping Raylo make better decisions across the organisation.

Scaling from Belfast

Raylo operates across Belfast and London, with around half its team based in Belfast. Karl spoke about the city’s ability to attract and retain talent, while the London office provides closer access to investors, banks and potential partners.

For founders considering international expansion, Karl’s advice was to spend time in the markets they want to enter and get to know the people building there. Understanding a market and establishing relationships on the ground can make a real difference when entering a new region.

Raylo’s journey is a reminder that changing an established market takes time. What began as a different approach to accessing technology has become a profitable international company, with the infrastructure, partnerships and people to support its continued growth.

Thanks to Karl, Niall, our friends at Ormeau Labs and everyone who joined us in Belfast.