RailsBank, a fintech startup led serial entrepreneur Nigel Verdon that promises to provide access to global banking services with 5 lines of code, has raised $1.2 million in a funding round led by Firestartr
RailsBank 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 baked into the platform.
Customers will have access to a core digital ledger banking platform and a complete range of ‘Product Rails’, including Iban creation, issuing cards, sending, receiving and converting money, and accessing credit, provided by financial service partners.
Arkéa Banking Services, a subsidiary of Credit Mutuel Arkéa, has signed up to be first on the platform to deliver Sepa payment services and Ibans across Europe.
The latest financing follows an earlier angel investment in September last year, including from the former head of Google Wallet in Europe, according to TechCrunch.
Other backers in the current round include Kima Ventures, alongside fintech angels Peter Jackson of Worldpay, Betfair's Tim Levene and former Zopa chairman Phillip Reise.
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.