Railsbank raises $10 million for Singapore expansion

Railsbank , a global open banking and RegTech platform, announced it has raised $10 million in a Series A funding round, led by Moneta Capital and joined by CreditEase, Clocktower Technology Ventures, Singapore Life and existing investors including Firestartr.

It also announces that it has opened an office in Singapore.

Railsbank is an API-based financial innovation and growth platform, designed for developers and product managers to rapidly conceptualise, prototype, build, launch and scale a financial services business, whether it be in one country, or around the world.

The Railsbank platform is unique in that it goes beyond technology to also provide financial services operations and regulation for customers. Railsbank conceive of the platform as a “complete financial services utility” enabling any customer to build, launch and operate their financial services business rapidly and safely.

The money raised from this funding round will help Railsbank continue expanding its global capabilities into the USA, Australia and SE Asia and enhance its core product proposition from banking, payments and cards into APIs for other financial services including insurance and credit.

Railsbank’s new office in Singapore will act as a gateway in Southeast Asia and beyond. The initial team in Singapore have already been hired and more will be joining. Railsbank has also expanded its core engineering team in Vilnius, hiring new engineering teams in Vietnam and Sri Lanka.

“We are delighted to welcome our new investors who join our amazingly supportive investor list. 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.” – Cofounder and CEO of Railsbank, Nigel Verdon.

“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.”

“Singlife is constantly looking to invest and support businesses that add value to the Singlife ecosystem, and Railsbank is a perfect example. The investment gives us access to the world’s most cutting edge banking tech, accelerating the Railsbank development cycle and allows Singlife to propel our own tech propositions across SE Asia even further ahead of our competition. We are true believers in both the advantage that the Railsbank ecosystem brings and the leadership of Nigel, Clive and the team.” – Walter de Oude, CEO SingLife.