Railsbank, the open banking and compliance platform, launched $ 10 million in additional investments after Series A in September 2019.
This time, Visa support – a strategic investment, if you like – comes along with Global Brain, a venture capital firm based in Tokyo, Japan. The exact amount is not being disclosed, although sources call it "several million" US dollars.
In addition to the investments, Railsbank announces that it has signed a 5-year partnership with Visa to promote banking as a service (BaaS) innovation in Southeast Asia and recently became a member of the Visa major issuer.
“As a primary Visa member and by joining Visa’s Fintech Fast Track program, Railsbank can now access the growing partner network, Visa’s technology and experts. This enables Railsbank’s customers to quickly and effectively Visa-based To bring products to market all over Asia and beyond, ”explains the company.
Railsbank co-founder and CEO, Nigel Verdon, who previously founded Currencycloud, says the partnership with Visa signals Fintech's intent to "The Most Innovative Banking Platform Business" in the Asia-Pacific region. "Our API-focused platform is the easiest way for any company or brand to quickly design, build and launch digital financial products that easily integrate Visa product suite and features," he added.
For this purpose, Railsbank positions itself as a "utility", on which other companies ̵
When the company closed the A series, Verdon compared it to what Amazon did for data centers with AWS. "Railsbank is a utility for the competing financial services backend: platform, connectivity, operations, system membership ( such as Visa), regulation and compliance, "he told me at the time.
Cue statement by Naoki Kamimaeda, partner and Europe office representative of the Global Brain Corporation:" We see great potential in the vision and open banking platform of Railsbank, companies, particularly in Asia, are more willing to offer banking services, and Railsb ank can offer you a turnkey solution for this. We are very excited to join Railsbank's bold vision and actively support its expansion and penetration in Japan and Asia. “
Railsbank is headquartered in London but also has offices in Singapore, Lithuania, the Philippines, Vietnam and Sri Lanka. I now understand that US expansion plans could be announced in the coming weeks.