Railsbank, a UK-based open banking and compliance platform, has announced the closure of a $1.2 million investment round led by Firestartr.
Railsbank aims to give digitally native companies access to global transaction banking. By offering a single API, it allows companies to create bank accounts and connect to payment schemes to receive and send money from these accounts.
The money raised will be used to enhance Railsbank’s Partner Network to initially offer pan-European capabilities to customers and take their open banking platform from closed beta to live.
The latest investment round, led by Firestartr, also included Kima Ventures and industry angels, Peter Jackson (CEO of WorldPay UK); Tim Levene (Betfair); and Philip Riese (former chairman of Zopa).
Nigel Verdon, CEO and co-founder of Railsbank, said: “We are delighted to have closed this latest round and received backing from such leading firms and figures in the investment community. It underlines the confidence we and others have in Railsbank, and our business model, and it will allow the company to continue to develop in the direction and at the pace we have planned.”
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