Fintech API firm Railz raises $12m in Series A funding round
Canada-based fintech API developer Railz has raised $12 million in a Series A funding round led by Nyca Partners.
Railz has raised $15m since 2020
Other investors participating in the round include Susa Ventures, Vestigo Ventures, Entrée Capital Global Founders Capital, and Plug and Play Ventures.
The $12 million raise arrives on the back of a $3.1 million seed round that closed at the end of 2020. Railz says its new investment enables it to expand its sales and engineering teams.
Railz provides a single API that integrates with accounting platforms used by small and medium-sized enterprises (SMEs). It enables on-demand access to financial transactions, analytics, insights and reports.
The firm says it provides direct access to small business accounting data and is deployed “in a matter of hours”.
Railz solves what it calls a “universal challenge” in the large SME market segment. It does this by providing an API-based platform to “financial innovators”, enabling them to better service their customers.
Founded in 2020 and based in Toronto, the start-up targets fintechs, US banks, and wealth management firms.
“The challenge of understanding what the data actually means, and how to categorize it, continues to be a major hurdle for users,” says Sohaib Zahid, Railz CEO. “Railz’s data normalization solution, coupled with our insights and analytics engine, is the secret sauce that can address this challenge.”
Related: Canadian fintech Wealthsimple raises record $610m at $4bn valuation
