Visa and Global Brain have both made investments in Railsbank.
The payments giant and Japanese based VC join existing investors Moneta Capital, CreditEase, Clocktower Technology Ventures, Singapore Life and Firestartr. Last September Railsbank successfully completed a Series A funding round.
The news was announced alongside Railsbank’s move further into Asia. It released details of a partnership with Visa to deliver Banking as a Service (BaaS) innovation in Singapore, the Philippines, Vietnam and Thailand.
Railsbank recently became a Visa issuing member in Singapore. Now, and also by joining Visa’s Fintech Fast Track Programme, Railsbank can access Visa’s growing partner network, technologies and experts. This means Railsbank’s customers can rapidly and effectively launch Visa-based products throughout Asia and beyond.
CEO Nigel Verdon told the media: “I am delighted that in this period of worldwide economic uncertainty, we have some good news in welcoming two more renowned investors into the Railsbank family and announcing our partnership with Visa in Asia Pacific. The whole Railsbank team looks forward to working with them closely over the coming years. We will be welcoming more investors shortly.”
He added: “I personally moved to live in Singapore to open our regional head office here so we can offer our unique platform to a far wider audience and be an enabler of financial inclusion, which is one of the core principles my co-founder Clive Mitchell and I setup Railsbank to achieve. Our partnership with Visa signals our intent to be the most innovative banking platform business in Asia-Pacific. Our API focussed platform is the simplest way for any business or brand to quickly conceptualise, build and launch digital finance products that easily incorporate Visa’s product suite and capabilities.
“We consider this a major breakthrough for regional companies and brands who are ready to build and launch a whole range of exciting and innovative products. We provide all the necessary tools to help jumpstart and sustain a truly exciting financial services ecosystem. Our goal is to enable any business, or brand, to be a FinTech.”
Railsbank’s most recent collaboration with Visa was the launch of a major new financial product in Singapore, the Singlife Account. Singlife, the country’s leading digital life insurer, launched its highly anticipated mobile-first insurance savings plan. The Singlife Account is a first for insurers in the region and uniquely comes with a Visa debit card so customers can access their money anytime.
Global Brain specialises in investing in and supporting startups that are looking to expand their business overseas. Using its broad connections in Japan, APAC, and the US, it helps startups entering the overseas markets by facilitating partnerships with major corporations in the region and provides hands-on support in every aspect of growing the business.
Naoki Kamimaeda, Partner and Europe Office Representative of Global Brain Corporation, said: “We see huge potential in Railsbank’s vision and open banking platform. Corporates, especially in Asia, are more willing to have banking services and Railsbank can provide them with a turnkey solution for this. We are very excited to join Railsbank’s bold vision and look forward to actively supporting its expansion and penetration in Japan and Asia.”