Railsbank raises $10m to expand into Southeast Asia and beyond
Global open banking and regtech platform Railsbank Technology has raised $10 million to continue its expansion into the USA, Australia and Southeast Asia, reports Jane Connolly.
CEO: “Railsbank is at a key stage of its development”
The Series A round was led by Moneta Capital with participation from CreditEase, Clocktower Technology Ventures, Singapore Life and existing investors including Firestartr.
The API-based financial innovation and growth platform enables developers and product managers to rapidly build, launch and scale a financial services business, from the concept stage onwards. Railsbank also provides financial services operations and regulation for customers.
The company intends to use the funding to expand into Southeast Asia, the USA and Australia, along with branching into APIs for other services such as insurance and credit.
“Railsbank is at a key stage of its development and we are moving into a period of sustained expansion,” says Railsbank CEO and co-founder, Nigel Verdon. “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.”
The firm has opened a new office in Singapore and will be adding more staff to the workforce there.
Verdon adds: “Our Singapore office is a central part of our expansion strategy. It will not only serve our existing client base, but will allow us to attract new customers in a region which is experiencing huge growth in the financial services sector and will allow us to fulfil our social mandate of financial inclusion.”
There is also a focus on engineering – the company has hired new teams in Vietnam and Sri Lanka and expanded its core team in Vilnius.
