Tuesday, 27 July 2021

Global fintech Railsbank launches in Australia

SINGAPORE, 19th March 2021 – Railsbank, a leading global Banking as a Service (BaaS)  platform, has launched in Australia via a partnership with the country’s first neobank, Volt.

The partnership enables Railsbank to continue its expansion within the APAC region and it considers Australia a highly strategic market.

Volt will be the first and only bank selected to launch Railsbank’s embedded finance offering in Australia. 

The embedded finance market in Australia is in its infancy, but both Railsbank and Volt believe it is set for rapid growth over the coming years. 

Volt will also 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, said: “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 thriving 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, said: “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.”

Railsbank is headquartered in the UK and has offices in Singapore, the Philippines, Malaysia, Vietnam, Sri Lanka, the US, Germany, and Lithuania.

It has relationships with numerous banks and financial institutions across Europe, the US, and Asia-Pacific and will continue its expansion across Asia with a view to deepening its footprint in Japan, the Philippines, Thailand and Vietnam later this year.

In November last year, Railsbank raised US$37 million as part of continued equity funding to support its global growth and product expansion. Significant investors include Visa.

 

Re-disseminated by The Asian Banker