Railsbank has raised $10 million in series A funding round, led by Moneta Capital along with CreditEase, Clocktower Technology Ventures, Singapore Life and existing investors including Firestartr.
Railsbank is a global open banking and regtech platform based in London. The API-based platform enables developers and product managers to build, launch and scale a financial services business. It also provides financial services operations and regulation for customers.
The funds will be used to expand its capabilities in the US, Australia and Southeast Asia. It will also enhance its core product proposition from banking, payments and cards into APIs for other financial services including insurance and credit, the company said in a statement.
“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,” said Nigel Verdon, Co-Founder and CEO of Railsbank.
It has also opened an office in Singapore and has hired a team in Singapore.
“Our Singapore office is a central part of our expansion strategy. 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 fulfil our social mandate of financial inclusion,” Verdon added.
It has also expanded its core engineering team in Vilnius and hired new engineering teams in Vietnam and Sri Lanka.