Railsbank, a UK-based open banking and RegTech platform, has won a €100,000 venture capital award.
The company and fellow London based startup Cybertonica have won offers of the venture capital investment from MiddleGame Ventures. Both companies were ranked “most ready for investment” by a group of their peers on the final day of the FinTech Europe 2018 programme.
The three-month programme was led as part of a global collaboration for financial health between PayPal and Village Capital, with local support from MiddleGame Ventures and the Luxembourg House of Financial Technology.
Twelve early-stage entrepreneurs came to develop their businesses, meet with mentors and investors, and participate in Village Capital’s peer-selected investment process, in which entrepreneurs are given decision-making power over where to allocate venture capital within their peer group.
Each of the startups is building a technology-based product, or service, to will help financial institutions, regulators, and consumers interact with the economy.
Nigel Verdon, CEO of Railsbank said: “When we were first invited to join, we thought that this would be was just another accelerator. But we were so wrong. The programme has an amazing methodology that helps you frame your business and understand the areas where you need to concentrate in order to succeed and scale.
“We appreciated the phenomenal set of peer entrepreneurs and the collaborative environment in which we were able to review each others’ businesses in a constructive way. Over the three different sessions of the programme, we’ve taken some of the learnings and implemented them in our business.”
Headquartered in London, Cybertonica uses Machine Learning and Artificial Intelligence to reduce basket drop-off and increase conversion for all channels of e-payments and transaction platforms. The Company provides frictionless on-boarding, checkout and secure payments processing for e-commerce and digital banking.
Railsbank is an open banking API and platform that gives regulated and un-regulated companies access to global banking with 5 lines of code. Through its API, customers can access a complete range of wholesale banking services using Product Rails on the Railsbank platform. In addition to banking capabilities, Railsbank also provides set of compliance capabilities to manage compliance risk. These includes on-boarding, KYC & ID verification, screening for AML, transaction monitoring, quarantine queue and regulatory reporting.
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