Railsbank has opened for business in Australia, via a partnership with the country’s first neobank Volt.
The Banking-as-a-Service giant plans to develop the embedded finance market opportunity in Australia and will springboard off Volt.
Railsbank considers Australia a highly strategic market and both companies were keen to highlight that although the embedded finance market in Australia is in its infancy, they believe it is set for rapid growth over the coming years.
Volt gets 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.
Justin Xiao, COO of Railsbank, Asia Pacific, was upbeat about the deal: “Australia is strategically important for Railsbank and it’s a real privilege for us to be partnering with Volt in this next phase of our growth. The strength of the Volt brand, balance sheet, and compliance offering makes it the ideal partner to help us launch into the local market and tap the growth opportunity in embedded finance.
“Australia’s fintech scene is vibrant and Railsbank has a lot to offer in terms of bringing innovative solutions and best practices to customers. 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 expansion in the Asia Pacific region.”
Volt founder and CEO, Steve Weston, added: “We are proud to be the first and only bank selected to launch Railsbank’s embedded finance offering in Australia. Railsbank has a proven track record of servicing millions of customers through partnerships with banks like Volt in global markets. This partnership demonstrates how our prudent and measured approach to market entry, built on the sturdy foundation of our unique BaaS platform and partnership strategy, could help to make Volt a long-term contender for a share of Australia’s highly lucrative banking sector.”