RailsBank, a fintech startup led serial entrepreneur Nigel Verdon, is the latest arrival in the increasingly crowded banking-as-a-platform market.
Promising to provide fintech firms with access to global banking in five lines of code, RailsBank connects banks and startups through s single API with baked-in regulatory compliance.
The company, which is inviting pre-launch registrations through its Website, says it will enable banks to digitally deliver the services fintech companies desperately need at a low cost; and with a lower compliance risk as conformance with anti-money laundering rules is designed into the platform.
In preparation for a full-scale commercial launch, the firm has joined Startupbootcamp's FinTech 2016 Cohort as a ‘Startup in Residence’ to showcase its technology and experience to emerging companies selected to join this autumn's accelerator programme.
Serial entrepreneur and finance veteran Verdon’s previous ventures include founding Currency Cloud, PayrNet, Evolution Consulting Group and RabbitFX. His partner in the business, Clive Mitchell, lists previous ventures PayrNet, Digital Change Partners and Morse Transaction Services, on his CV.
RailsBank is joining a range of other platforms offering similar plug-and-play bundles to startup businesses, including Germany's solarisBank and Sutor Bank, IbanFirst, and UK-based current account challenger U.