Railsbank announced it has raised $10 million in a Series A funding round led by Moneta Capital.
CreditEase, Clocktower Technology Ventures, Singapore Life and existing investors including Firestartr also participated in the round. The funds will be used to help the bank continue its global expansion in the United States, Australia and Southeast Asia, as well as enhance its core product proposition from banking, payments and cards into APIs for other financial services.
“We are delighted to welcome our new investors who join our amazingly supportive investor list,” Nigel Verdon, co-founder and CEO of Railsbank, said in a press release. “Railsbank is at a key stage of its development and we are moving into a period of sustained expansion. Our industry leading products and highly skilled management team are being leveraged across a growing customer base, and we are continually being presented with opportunities on a global scale.”
Railsbank also opened an office in Singapore, which will act as a gateway in Southeast Asia and beyond. The initial team has already been hired, with more joining in the coming months.
“Our Singapore office is a central part of our expansion strategy,” Verdon added. “It will not only serve our existing client base, but will allow us to attract new customers in a region, which is experiencing huge growth in the financial services sector and will allow us to fulfill our social mandate of financial inclusion.”
“We share Railsbank’s vision for the democratization of the financial services industry via APIs. While API democratization has turned over industries such as payments, telephony and travel, it has not taken over the wider financial services industry, which is still painful for both developers and consumers. I am thrilled to invest in Railsbank as it transforms financial services and unleashes a massive new generation of innovation,” explained Meirav Har Noy, general partner at Moneta Capital.