Raylo Review

Overview

Raylo is a London-based technology subscription service that leases phones, tablets, smartwatches, laptops and other consumer electronics on fixed monthly terms. The company was incorporated in September 2018 (originally as Xylofi Limited, renamed in March 2019) and trades from 5 New Street Square in the City of London under Raylo Group Limited. It is authorised and regulated by the Financial Conduct Authority for consumer hire agreements (FCA reference 841488) and is a certified B Corporation.

Raylo's product is a pure lease, not a finance agreement. Customers pay zero upfront and a fixed monthly fee for 12, 24 or 36 months, with the first payment taken roughly 14 days after dispatch. At the end of the minimum term the device can be returned for free, kept on a rolling monthly subscription, or swapped for a newer model on a fresh term. The customer never owns the device. Both new and refurbished stock are offered, with refurbished tiers (Pristine, Excellent, Good) typically running 25 to 40 percent cheaper than new on the same handset.

The company has raised over £180 million in cumulative equity and debt funding from investors including Macquarie, Channel 4 Ventures, Octopus Ventures, Telefonica, NatWest, Quilam Capital and Citi. As of early 2026 Raylo reports around 100,000 active subscribers and roughly 100 employees, with a US launch planned for the second half of 2026. The platform also powers Raylo Pay, an embedded subscription checkout used by partner brands including PlayStation Direct.

Delivery

Free next-working-day delivery is standard on in-stock devices ordered before the cut-off, with tracked dispatch by DPD. A free phone case and screen protector are included with phone orders. Weekend orders ship on the next working day.

Cashback & Offers

Raylo runs a flat-rate new-customer cashback offer through Quidco, typically around £40 paid after the second successful monthly subscription payment. Promotional discount codes for the first month or first three months also appear regularly on voucher sites and in Raylo's own email signup flow. Raylo is not currently listed as a tracked merchant on TopCashback.