As the ink dried on the Railsbank Volt Australian deal, it emerged that the head of the UK headquartered Banking-as-a-Service platform is returning to his ancestral roots.
Nigel Verdon, co-founder and CEO of Railsbank, said: “This deal has a personal resonance for me as one of my ancestors, Sir George Verdon, was General Manager and a founding father of the ANZ Bank, so it’s good to be back in Australia again!”
The deal is focussed on a currently small Australian embedded finance market, but one which both companies believe is set for dramatic growth over the coming years.
Railsbank is continuing its expansion throughout APAC region and considers Australia a highly strategic market.
Volt plans to engage with Railsbank’s global network of partners and customers, and enable a broader BaaS solution in Australia that will enable companies to prototype, launch and scale financial products within their own customer experience.
Verdon went on to say: “It’s very exciting to see that Australia’s fintech scene is thriving. We are ready to support all Australian businesses that want to innovate and capitalise on the expected exponential growth of embedded finance.
“What we bring new to the table is represented by deconstructed financial components, tools for product managers, and APIs to allow anybody to come into our toolset to access our consumers and customers for distribution.
“These can then be reconstructed into financial use cases. This is what Apple did with iTunes. They deconstructed the music industry and changed the economics of the industry.
“Collaborating with Volt gives us access to local knowledge and capabilities to help us succeed. This is a significant partnership for Railsbank as we continue our global expansion and strengthen our foothold in Asia Pacific.”
Expect more deals from railsbank as it deepens its footprint in the region.