Renowned Financial Service Giant, Visa Agrees to Back an Open Banking Platform, Railsbank

Financial Service Giant

Renowned Financial Service Giant

Railsbank, the global open banking and compliance platform has raised another investment round following the previous one of $10 million Series A which the company raised in September 2019. This time company has not disclosed the amount it has raised but declared that the investment has been taken from Visa, the California-based financial services corporation with the participation of Global Brain, a Tokyo-based venture capital firm.

Along with the investment, Railsbank has also inked a 5 year partnership agreement with Visa in order to deliver Banking as a Service (BaaS) innovation in Southeast Asia. The company has also declared that it became a Visa ‘principal issuing’ member recently.

A spokesperson of Railsbank explains, “Being a principal Visa member and by joining Visa’s Fintech Fast Track Programme, Railsbank can now access Visa’s growing partner network, technologies and experts, enabling Railsbank’s customers to rapidly and effectively launch Visa based products throughout Asia and beyond.

According to Nigel Verdon, the Co-founder and CEO of Railsbank, the company aims to be the most innovative banking platform business in Asia-Pacific after signing the partnership agreement with Visa. Nigel states, “Our API focused platform is the simplest way for any business or brands to quickly conceptualize, build and launch digital finance products that easily incorporate Visa’s product suite and capabilities.

Headquartered in London, Railsbank claims that it has its offices in the Philippines, Singapore, Vietnam, Lithuania, and Sri Lanka. The company is aiming to expand its business in US as soon as possible.

Naoki Kamimaeda, the Partner and Europe Office Representative of Global Brain Corporation states, “We see huge potential in Railsbank’s vision and open banking platform. Corporates, especially in Asia, are more willing to have banking services and Railsbank can provide them with a turnkey solution for this. We are very excited to join Railsbank’s bold vision and look forward to actively supporting its expansion and penetration in Japan and Asia.

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