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Online & Mobile Banking

Railsbank raises GBP 10 mln for its open banking and compliance platform

Wednesday 4 September 2019 | 12:55 PM CET

UK-based Open Banking and compliance platform Railsbank has raised GBP 10 million in Series A funding.

The new injection of capital will be used for further expand beyond Europe, including the US, Australia and South East Asia. The latter includes a new office in Singapore where a small team has already been assembled. Backing Railsbank’s Series A is Moneta Capital, which led the round, alongside CreditEase, Clocktower Technology Ventures, Singapore Life. A number of existing investors also participated including Firestartr.

Railsbank is positioning itself as a ‘utility’ on which other companies — spanning fintech upstarts, challenger brands, to incumbent banks that want to re-factor their tech — can build and sell various financial services or add fintech features to their products.

As an example of what the Railsbank platform is capable of, Verdon described how SingLife was able within 2 days to develop a completely working digital banking app with a own debit card and support for bank transfers, including dedicated account numbers and sort codes etc.

More: Link
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