London based open banking API and infrastructure has raised $10m Series A capital led by Moneta Capital, with participation from CreditEase, ClockTower, and Singapore Life.
As an example of what the Railsbank platform is capable of, Verdon described how SingLife was able within two days to develop a completely working digital banking app with its own debit card and support for bank transfers, including dedicated account numbers and sort codes, etc. This, he tells me, is made possible because the Railsbank platform and API provides all of the tech, compliance and integration “hooks” required to build a full banking experience. Meanwhile, although the startup continues to count other fintech startups as customers, Verdon says Railsbank is also working with brands offering financial products (e.g. supermarkets, travel, retail) and what he dubs “old fin”: companies looking to replace their own costly tech with a platform solution.