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Railsbank launches in Australia through collaboration with Volt

Railsbank launches in Australia through collaboration with Volt

Embedded finance platform Railsbank has launched in Australia via a partnership with digital challenger bank Volt.

Under the partnership Railsbank will utilise Volt’s banking-as-a-service platform and infrastructure to distribute products such as bank accounts, cards, and payment solutions to Australian consumers.

Volt in turn will tap into Railsbank's global network of partner brands to build a broader BaaS offering that will enable companies to prototype, launch and scale financial products across multiple use cases.

Nigel Verdon, co-founder and CEO of Railsbank, says: “This deal has a personal resonance for me as one of my ancestors, Sir George Verdon, was general manager and a founding father of the ANZ Bank, so it's good to be back in Australia again."

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

In November 2020, Railsbank raised US$37 million to support its global growth and product expansion. The deal with Volt is seens as a launch pad for a more expansive play across Asia, with a view to deepening its footprint in Japan, the Philippines, Thailand, and Vietnam later this year.

"Collaborating with Volt gives us access to local knowledge and capabilities to help us succeed," says Justin Xiao, COO of Railsbank, Asia Pacific. "This is a significant partnership for Railsbank as we continue our global expansion and strengthen our foothold in Asia Pacific.”

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