Moneta Capital Invests in Railsbank
Open Banking and Compliance Platform
| Tel Aviv, Israel, September 4, 2019/– Press release by Moneta Capital.
Moneta Capital announced last week the closing of its investment in Railsbank, an open banking platform (software-based bank) that enables non-financial institutions to provide their users with a suite of financial services in less than an hour. The platform eliminates the need to deal with regulations and to build a financial infrastructure independently. Railsbank’s mission is to become the customers’ trusted financial rails provider (hencethe name: Railsbank).
Railsbank has raised $10m in a Series A funding round, led by Moneta Capital and joined by CreditEase, Clocktower Technology Ventures, Singapore Life and existing investors, including Firestartr.
The money raised from this funding round will help Railsbank to further expand beyond Europe, including in the U.S., Australia and South East Asia. To that end, a new office has been set up in Singapore, where a small team has already been assembled.
Railsbank’s platform is unique in that it goes beyond technology to also provide financial services operations and regulation for customers. Railsbank conceived of the platform as a “complete financial services utility,” thus enabling any customer to build, launch and operate its financial services business rapidly and safely.
The company was founded by Nigel Verdon, the founder of Currencycloud, one of the leading online remittance companies, together with his colleague, Clive Mitchell. Both have been fintech veterans for over 25 years.
About the market: While API democratization has revolutionized industries such as payments, telephony and travel, it has not yet taken over the wider financial services industry, which is still painful for both developers and consumers. Soon, financial services will no longer be subject to the monopoly wielded by banks and financial institutions. Railsbank is an innovator in this trend, in terms of simplicity, operations and geographical coverage.
As part of the investment, Meirav Har Noy from Moneta has been nominated as a member of the Board of Directors.
About Moneta VC
Moneta Venture Capital manages two parallel funds: an early stage fund – Moneta Seeds, and a revenue stage fund – Moneta Capital. Moneta focuses on AI, fintech and insuretech, and its portfolio companies are integrated in the world’s largest banks, financial institutions and insurance firms. Moneta’s main added value consists of its strategic partnerships with world leading banks and insurance firms, which co-invest with Moneta and support its portfolio as design partners and clients.
Contact:Meirav Har Noy | Meirav@monetavc.com