London-based Railsbank Technology, an open banking and regulatory technology platform provider which recently opened an office in Singapore, has raised US$10 million from institutional investors in Asia, UK and US to finance its international expansion.
The investors are Singapore Life, Singapore-based venture capital manager Moneta Capital, Chinese financial technology conglomerate CreditEase, US technology investment firm Clocktower Technology Ventures, and UK investment firm Firestartr.
The funds will help Railsbank expand to the US, Australia, and Southeast Asia, the company says in a statement on September 3, without disclosing the individual amounts committed by each investor.
According to Railsbank, the Singapore office will be its gateway into Southeast Asia and beyond, and a central part of its expansion strategy in terms of attracting new customers in the region.
“Railsbank is at a key stage of its development and we are moving into a period of sustained expansion,” Nigel Verdon, co-founder and chief executive officer of Railsbank, says in the statement.
The company also says the funds raised will help augment its core services from banking and payments into application programming interface (API) for other financial services. API is a set of communication protocols for building software.
For Singapore Life, the investment will give the insurer access to “cutting edge banking technology”, and allow it “to propel our own technology propositions across Southeast Asia even further ahead of our competition”, CEO Walter de Oude says in the statement.
Established in 2016, Railsbank primarily provides an API-based platform for product managers to prototype and scale their financial services business.