Railsbank, an open banking and RegTech startup, has reportedly bagged a $10m investment from payments giant Visa.
The FinTech has also received funds from Japan-based venture investor Global Brain, according to a number of reports in the media.
How much Ralisbank received in this new batch of funding was not disclosed.
In addition to the funding, Ralisbank has formed a five-year deal with Visa to provide its banking-as-a-service platform to the Southeast Asia market. In line with this, Ralisbank has become a Visa principal issuing member.
By being an issuing principal, the FinTech will gain access to Visa’s partner network, technology and experts, the report claims.
The London-based FinTech platform developer of open APIs which enables regulated and un-regulated companies access to easy to implement banking services. Its tools can support ledgers, debit card issuing, IBAN accounts, sending and receiving money, credit management, money conversions, and completing transactions.
Clients can also implement tools to boost their security and compliance. Clients can leverage the Compliance Firewall service to have real-time transaction monitoring and screening for AML and fraud, transaction investigation for breach of compliance and fraud policy, and transaction control to enforce compliance policies.
In September 2019, the FinTech closed its Series A round on $10m from venture capital firm Moneta Capital. It raised the capital to support its global expansion efforts, with it focusing on reaching the American, Australian and Southeast Asia markets. Part of these expansion plans include a new office in Singapore.
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