Estonian start-up fintech SPARQ has signed an agreement with Banking-as-a-Service specialist Railsbank which will allow it to fully develop its personal finance platform designed to optimise people’s interaction with money.
Already in use with early adopters, SPARQ is for everyday use and aims to make its users feel that they are in control of their own money, and cut through the bureaucracy associated with financial services.
SPARQ is using the Railsbank platform to begin the process of building out its mobile application with a series of offerings and is also launching a prepaid card development project with Visa.
Danila Belokons, CEO at SPARQ, said: “This agreement signifies a very important milestone for SPARQ. We have already released our early adopter pack and we have seen a huge growth in new users to the platform, despite it being in the very early stages of development. Working with the Railsbank platform means we can use a wide range of its functions and draw on the team’s experience we roll out our product.”
Once the full integration of financial services with Railsbank is finished, SPARQ will be able to offer a full financial service pack inside its mobile application. This will allow users, said the company, to better manage their finances as part of the whole SPARQ ecosystem.
Louisa Murray, a VP at Railsbank and Head of Sales: "SPARQ is building a great platform and we are enjoying working with the team as they develop their product. They are making full use of the Railsbank platform functions and making significant in-roads into simplifying financial services for its users. We wish them success as we continue to work together.”