8 years ago

Railsbank Raises $1.2 Million to Revolutionize Global Transaction Banking

  • Railsbank, a global open banking and compliance platform, has secured $1.2 million in a seed funding round led by Firestartr

  • The London-based startup aims to revolutionize access to international bank transactions by providing digitally native companies with a single global API to create bank accounts and connect to payment schemes

  • The funding will be used to expand Railsbank's Partner Network and launch its Open Banking platform.

      • ProblemFinancial Services

      "Traditionally, companies need to invest significant capital and 6-12 months of project time to set up international bank accounts and connect to payment schemes in each country. This is a major barrier for digitally native companies who want to expand globally."

      Solution

      "Railsbank provides a global open banking and compliance platform that allows digitally native companies to instantly create bank accounts (with IBANs) and connect to payment schemes (e.g. SEPA, SWIFT, Visa, Mastercard, Direct Debit, FasterPayments etc.) via a single global API. This eliminates the need for companies to invest significant time and resources in setting up their own banking infrastructure."

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