Visa invests in open banking platform Railsbank
Nigel Verdon, Railsbank
Railsbank has secured an extra injection of Series A funding from Visa and Japan-based venture capital firm Global Brain.
The open banking firm finalised the first stage of its Series A back in September 2019, securing $10 million it plans to use in an ongoing expansion into Southeast Asia and the US.
A value has not been placed on the new investment, though Visa has agreed a new five-year deal with the regtech firm to provide its platform in Singapore, Vietnam, Thailand and the Philippines.
Railsbank has joined the payment giant’s Fintech Fast Track Programme and become a Visa principal issuing member.
“Our partnership with Visa signals our intent to be the most innovative banking platform business in Asia-Pacific,” says Nigel Verdon, co-founder and CEO of Railsbank.
“Our API-focused platform is the simplest way for any business or brand to quickly conceptualise, build and launch digital finance products that easily incorporate Visa’s product suite and capabilities.”
Railsbank and Visa have worked together in the past, launching a mobile-based insurance savings plan with Singapore-based Singlife.
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