A British fintech company that was forced into insolvency just over six months ago has secured a multimillion-pound funding boost as it sets its sights on a more measured growth path. Sky News understands that Railsr, the trading name of Embedded Finance, will announce in the coming days that it has struck a deal with investors to raise $24m (£19.8m). The funding is predominantly from existing investors, including D Squared Capital and Moneta Venture Capital, which people close to Railsr said reflected their confidence in the company's growth potential and strategy.

It might never be possible to know precisely how an economy is performing in any given moment. But recently it has gotten harder to get a clear picture of Britain’s economy, particularly the labor market, the New York Times reported. This month, Britain’s Office for National Statistics delayed the release of its flagship report on jobs to give itself more time “to produce the best possible estimates” of how many people are working or not.

Corporate insolvencies in Scotland rose 19.9% during the second quarter, when compared to pre-pandemic levels in 2019 and rose by 4.8% compared to the same period last year, Business Insider reported. Meanwhile, personal insolvency numbers in Scotland saw no real change, with a decrease of just 0.05% - which equates to a single case - to a total of 2,074. Personal insolvency numbers also fell by 40.2%, when compared to pre-pandemic levels in 2019.

Landlords have been warned that the Renters (Reform) Bill could cost them dearly, despite plans to abolish Section 21 evictions being kicked into the long grass, PropertyIndustryEye.com reported. According to Landlord Licensing & Defence, the bill will bring in a raft of new enforcement measures against landlords that could result in massive fines and “even bankruptcy for some”.

The UK economy lost jobs again in the quarter though August, marking the longest drop in employment since the depths of the coronavirus pandemic and a sign that inflationary pressures may be abating, Bloomberg News reported. Employment fell 82,000 in June to August after a 133,000 drop in the period from May through July, the Office for National Statistics said Tuesday. It was third consecutive three-month period in which employment has fallen compared to the previous three months, the worst stretch since early 2021.

English councils are grappling with £4 billion ($4.9 billion) gap in their finances over the next two years, threatening to further fuel a wave of bankruptcies that’s crippling local authorities, Bloomberg News reported. The Local Government Association said the funding shortfall has increased by £1 billion since its previous calculations in July after an soaring inflation worsened long-running pressures on council budgets. The squeeze on council budgets is likely to tip more authorities into financial trouble.

The management of bankrupt electric truck maker Volta Trucks is urgently seeking a buyer to take the company out of administration and help it complete the ramp-up to mass production, a source familiar with the issue told Reuters. Volta, which is headquartered in Sweden and has operations in the United Kingdom, filed for bankruptcy on Tuesday citing the bankruptcy in August of its supplier Proterra and uncertainty over its battery supplier, which had made it hard to raise sufficient capital.

A judge has dismissed a winding up petition lodged by tax officials against a company linked to rugby union star Lawrence Dallaglio, YahooFinance.com reported. Judge Sally Barber considered the case at a hearing in the specialist Insolvency and Companies Court in London on Wednesday. Barrister Tom Cockburn, who represented HM Revenue & Customs, told the judge that Lawrence Dallaglio Limited had entered a voluntary liquidation. The former England forward, who was not at the hearing, is listed as a company director on a Companies House website.

A Scottish bakery firm has gone bust, leaving the business with a six-figure debt trail, The National reported. Brawsome Bagels entered financial trouble earlier this year, leading to the closure of its takeaway in Glasgow’s west end. Owner Ian Brooke blamed rising costs, technical issues and change in consumer spending. It isn’t clear how many jobs were affected by the closure. But Brooke's firm, Southside Bagels, now has huge debts and owes money to a range of investors, banks and the HMRC.

The inflation rate in Britain held steady in September, defying expectations of a small decline, after as rise in fuel prices offset a slowdown in food inflation, the New York Times reported. Consumer prices overall rose 6.7 percent last month from a year earlier, the same pace as the previous month, the Office for National Statistics said Wednesday. For the first time in four months, the cost of transportation added to the rate of inflation, because of an increase in gasoline and diesel prices.