Railsbank, a UK-based banking group, announced on Wednesday it raised $10 million through its Series A funding round, which was led by Moneta Capital with participation from CreditEase, Clocktower Technology Ventures, Singapore Life, and Firestartr. Founded in 2015, Railsbank describes itself as an open banking API and platform that gives regulated and un-regulated companies access to global banking with 5 lines of code.
“At Railsbank, we have set out on a journey to enable the future of finance through freeing the finance industry of the shackles of legacy technology / process and at the same time enhancing regulatory compliance.”
Speaking about the investment round, Nigel Verdon, Co-Founder and CEO of Railsbank, stated:
“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.”
The Series A funds will help Railsbank continue to expand its global capabilities in the USA, Australia and SE Asia. It will also enhance its core product proposition from banking, payments and cards into APIs for other financial services including insurance and credit. Railsbank has also opened an office in Singapore. Verdon further explained:
“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.”
Meirav Har Noy, General Partner at Moneta Capital, then added:
“We share Railsbank’s vision for the democratization of the financial services industry via API’s. While API democratization has turned over industries such as payments, telephony and travel, it has not taken over the wider financial services industry, which is still painful for both developers and consumers. I am thrilled to invest in Railsbank as it transforms financial services and unleashes a massive new generation of innovation.”