Railsbank, a London, UK-based global open banking and compliance platform, has closed a $1.2m funding round.
The round was led by Firestartr with participation from Kima Ventures and industry angels Peter Jackson (CEO WorldPay UK), Tim Levene (Betfair, Augmentum Capital) and Phillip Riese (former Chairman of Zopa, NED Cross River Bank).
The company intends to use the funds to build out its Partner Network to initially offer pan-European capabilities to customers and take the Open Banking platform from closed beta to live.
Founded by serial entrepreneurs and FinTech veterans Nigel Verdon and Clive Mitchell, Railsbank provides a global banking and compliance platform that gives companies access to wholesale banking services in few lines of code. The company’s vision is to give digitally native companies access, via a single global API, the ability to create bank accounts (with IBANs) and connect to payment schemes (e.g. SEPA, SWIFT, Visa, Mastercard, Direct Debit, FasterPayments etc.) to receive and send money to/from these accounts, with all transactions in line with compliance policy enforced through Railsbanks’s Compliance Firewall.