London, UK-based Railsbank, which operates an open banking and ‘regtech’ platform, has raised $10 million in a Series A funding round led by Moneta Capital and joined by CreditEase, Clocktower Technology Ventures, Singapore Life and prior backers, including Firestartr.
With the fresh cash, the fintech startup is establishing an office in Singapore as a gateway for expansion in Southeast Asia, and is meant to also boost the development of its API-based financial innovation and growth platform.
Basically, Railsbank enables developers and product managers to prototype, build, launch and scale a (regulated) financial services business, in one country or globally.
The money raised from this funding round will also help Railsbank enhance its core product proposition from banking, payments and cards into APIs for other financial services, including insurance and credit, the company says in a statement.
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.”
“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,” he added.
Railsbank was founded by Verdon and Clive Mitchell (COO) back in 2016, and was part of the Mastercard Startpath programme as well as a ‘Startup-in-Residence’ for the Startupbootcamp FinTech Cohort the same year.