Open banking platform Railsbank has netted £1.2m in a funding round led by Firestartr.
Other backers to the round included Kima Ventures and angel investors WorldPay UK CEO Peter Jackson, Betfair’s Tim Levene and former Zopa chairman Phillip Riese.
Railsbank is a global banking and compliance platform giving companies wholesale banking services access with just five lines of code. The platform reduces time and complexity of opening bank accounts, streamlines technical integration and enhances banking functionality with core Railsbank services.
Offerings from Railsbank include IBANs, receiving money, converting money, direct debit, issuing cards, and managing credit.
The capital will be used to expand the company’s partner network, initially offering pan-Europe products. This funding will also help Railsbank take its open banking platform from closed beta to live.
Firestartr chairman and general partner Richard Muirhead said, “Most of the market is focused on PSD2 and not focused where RailsBank are, for example, building a global bank, delivered as a platform. We believe this gives them an advantage and look forward to working with them on their journey as they scale RailsBank from seed stage to Series A and beyond.”
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