Cross River and Railsbank create transatlantic API action
US-based Cross River Bank and Railsbank in the UK have teamed up to offer Banking-as-a-Service (BaaS) on both sides of the Atlantic through a single API.
BaaS… on both sides
The arrangement will enable the pair to use each other’s existing platforms, allowing for integration and servicing of their respective fintech customer bases across borders and regions.
The partnership will also enable Railsbank’s customers in the UK and Europe the ability to enter the US through their existing integration with Railsbank.
“This is a hugely significant move for Railsbank as it is the first time that BaaS is being delivered on both sides of the Atlantic through a single API,” says Nigel Verdon, co-founder and CEO of Railsbank.
Last month, New Jersey-based Cross River completed a funding round of $100 million, led by a $75 million equity investment from KKR.
