London-Based Open Banking Platform Raises US$ 10 Million, Expands to Singaporeby Fintech News Singapore September 4, 2019
Railsbank an open banking and RegTech platform, announces that it has raised $10m in a Series A funding round, led by Moneta Capital and joined by CreditEase, Clocktower Technology Ventures, Singapore Life and existing investors including Firestartr.
Interestingly, Railsbank is not Singapore Life’s first investment to diversify out of investments, as recent as February the insurtech company was seen investing in payments space through their acquisition of Canvas.
The money raised from this funding round will help Railsbank continue expanding its global capabilities into the USA, Australia and SE Asia and enhance its core product proposition from banking, payments and cards into APIs for other financial services including insurance and credit.
It also announces that it has opened an office in Singapore.
Railsbank’s new office in Singapore will act as a gateway in Southeast Asia and beyond. The initial team in Singapore have already been hired and more will be joining. Railsbank has also expanded its core engineering team in Vilnius, hiring new engineering teams in Vietnam and Sri Lanka.
Railsbank describes itself as a an API based financial innovation and growth platform, designed for developers and product managers to rapidly conceptualise, prototype, build, launch and scale a financial services business, whether it be in one country, or around the world.
Nigel Verdon, Co-Founder and CEO of Railsbank, said: “We are delighted to welcome our new investors who join our amazingly supportive investor list. Railsbank is at a key stage of its development and we are moving into a period of sustained expansion. Our industry leading products and highly skilled management team are being leveraged across a growing customer base, and we are continually being presented with opportunities on a global scale.”