Open banking startup Railsbank has announced that it has launched in the US and that it has already signed up digital banking platform Unifimoney as its first customer.
Having set up shop in the US, Railsbank its platform is now offering banking as a service, cards as a service and credit card as a service, or CCaaS, to FinTech and brand customers in the US.
By launching its CCaaS tool, Railsbank hopes to tap in to the US market that sees $3.8trn being spent each year. This is the service that Unifimoney has signed up for.
“The high costs and complexity of launching credit card propositions have stifled innovation by creating barriers to entry to all but the largest of traditional financial companies,” said Nigel Verdon, co-founder and CEO of Railsbank.
“FinTech has changed the face of much of the banking industry, but, to date, the credit card market has been immune from this disruption. Railsbank will be able to drive change in the market with its CCaaS offering.”
Ben Soppitt is the CEO of Unifimoney the first full-service neobank for high-earning professionals, and said, “We invested a year searching for the right partner: a company that could manage the complexity of credit cards and be a true innovation partner. We are extremely pleased to have found that company in Railsbank.”
Unifimoney raised $1m in May in a pre-seed round backed by Plug and Play, Oriza Ventures, Kurt Bilager, Accenture managing director Anand Swaminathan and Sanjay Sathe.
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