Open Banking Platform Railsbank Sees Strategic Investments from Visaby Fintech News Singapore April 9, 2020
After raising US$ 10 million and expanding to Singapore, the open banking platform Railsbank announced today that it has received yet another round of investments from Visa and Global Brain, a Tokyo-based VC firm. The sum of the investment was not disclosed.
Railsbank also announces that it has signed a partnership with Visa to deliver Banking as a Service (BaaS) innovation in Singapore, the Philippines, Vietnam and Thailand, and recently became a Visa issuing member in Singapore.
Being a Visa member and by joining Visa’s Fintech Fast Track Programme, Railsbank can now access Visa’s growing partner network, technologies and experts, enabling Railsbank’s customers to rapidly and effectively launch Visa-based products throughout Asia and beyond.
Nigel Verdon, co-founder and CEO of Railsbank, said:
“I am delighted that in this period of worldwide economic uncertainty, we have some good news in welcoming two more renowned investors into the Railsbank family and announcing our partnership with Visa in Asia Pacific. The whole Railsbank team looks forward to working with them closely over the coming years. We will be welcoming more investors shortly.”
As for Visa and Railsbank working even closer in Asia, Nigel Verdon, added:
“I personally moved to live in Singapore to open our regional head office here so we can offer our unique platform to a far wider audience and be an enabler of financial inclusion, which is one of the core principles my co-founder Clive Mitchell and I setup Railsbank to achieve. Our partnership with Visa signals our intent to be the most innovative banking platform business in Asia-Pacific. Our API focussed platform is the simplest way for any business or brand to quickly conceptualise, build and launch digital finance products that easily incorporate Visa’s product suite and capabilities.
“We consider this a major breakthrough for regional companies and brands who are ready to build and launch a whole range of exciting and innovative products. We provide all the necessary tools to help jumpstart and sustain a truly exciting financial services ecosystem. Our goal is to enable any business, or brand, to be a FinTech.”
Railsbank’s most recent collaboration with Visa was the launch of a major new financial product in Singapore, the Singlife Account.The Singlife Account is a first for insurers in the region and uniquely comes with a Visa debit card so customers can access their money anytime. Singlife also participated in Railsbank’s previous fund raising round as well.
Naoki Kamimaeda, Partner and Europe Office Representative of Global Brain Corporation, said:
“We see huge potential in Railsbank’s vision and open banking platform. Corporates, especially in Asia, are more willing to have banking services and Railsbank can provide them with a turnkey solution for this. We are very excited to join Railsbank’s bold vision and look forward to actively supporting its expansion and penetration in Japan and Asia.”
Railsbank is headquartered in London and has offices in Singapore, Lithuania, the Philippines, Vietnam and Sri Lanka.
Featured image credit: Railsbank