Banking-as-a-Service (BaaS) platform Railsbank has launched in Australia after securing a partnership with the country’s first neobank Volt.
Railsbank specialises in embedded finance, aiming to help companies easily build and scale any financial use case.
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The partnership will enable the company to continue its expansion within the APAC region. In addition, Volt has plans to engage with Railsbank’s global network to enable a broader BaaS solution in Australia, allowing companies to prototype, launch and scale financial products.
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 vibrant and Railsbank has a lot to offer in terms of bringing innovative solutions and best practices to customers.”
“Australia’s fintech scene is thriving…”
Adding to this, Nigel Verdon, co-founder and CEO of Railsbank, said: “It’s very exciting to see that Australia’s fintech scene is thriving. We are ready to support all Australian business that want to innovate and capitalise on the expected exponential growth of embedded finance.”
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By GlobalDataFollowing its latest move, Railsbank hopes to deepen its footprint in Japan, the Philippines, Thailand and Vietnam later this year.
Steve Weston, Volt founder and CEO, 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.”
Railsbank is headquartered in the UK and has offices across APAC as well as the US and Europe.
Last year, the bank raised $37m as part of continued equity funding to support its global growth and product expansion. Significant investors included Mastercard and Visa.
