The innovative entrepreneurs in the world of Fintech rarely rest on their laurels after creating their first Fintech powerhouse. The 2016 venture of Railsbank is no exception. It was made by two childhood friends who previously founded the widely-acclaimed Evolution platform and Currency Cloud network. The latter financial giant was equally featured in a previous FinTech50 Hall of Fame.
What is Railsbank?
The minds behind Railsbank are the co-founder’s Clive Mitchel and Nigel Verdon. These British entrepreneurs have been cutting their teeth in the global financial industry since the early 1990s and have been childhood friends since they were 13-years-old. Together, they’ve formed an abundance of highly successful economic ventures using their combined decades of experience.
Together, they created Railsbank with a straightforward and noble mission: To provide worldwide access to the global banking system in 5 lines of code and allow companies and brands to embed financial services to craft deeper engagement with their customers.
The Railsbank founders created a unique open-banking and compliance network that could connect global companies into the cutting edge world of financial services as quickly as using social media networks like Facebook or Twitter.
By taking advantage of the Railsbank API, users of the system can build almost any financial use-case that they like. Think of it as a building blocks system. It’s incredibly straightforward and can be utilized by various financial businesses worldwide.
Railsbank: Between 2016 and 2020
Between 2016 and 2020, Railsbank snowballed from its initial base in the British capital city of London. In under four years, it was running over 50 different card programs. But this dynamic firm wasn’t stopping there. In the summer of 2020, Railsbank only expanded further. It successfully bought the rights to use the technology and assets of Wirecard UK. As additional achievements, it won the Asia-Pacific business of former Wirecard customer Wirex and it entered the Fintech50 2019 list.
Railsbank was conquering Europe at a rapid speed. The same year, the company set its sights on the U.S. market. In July of 2020, Railsbank successfully obtained its first customer, Unifimoney!
In the United States, Railsbank made it its mission to offer the complete services of its innovative platform to the enormous customer base in North America. These services included Banking as a Service (BaaS), Cards as a Service (CaaS), and its unique Credit Card as a Service (CCaaS) to Fintech and brand clients across the US.
Railsbank’s innovative Credit Card as a Service (CCaaS) was the first of its kind for both Fintech and brand clients. It allowed significant numbers of cutting-edge fintech programs to gain flawless access to the market quickly and at a meager cost.
By introducing this line of new financial products to the American market, Railsbank intends to encourage increased competition and widespread innovation across the country’s valuable credit card market, worth a whopping $3.8 trillion in spending over 40 billion yearly transactions.
In the same year, Railsbank set its sights on Asia. They set up their latest base in Australia, locally known as Railspay, and partnered with the first Aussie neobank called Volt. Not only did this newest venture allow Railsbank to access the enormous Australian customer base in a country with an economy worth US$1.7 trillion, but it also allowed this Fintech company to expand further into the wider APAC region. The partnership enables Railsbank to continue our expansion within the wider Asia-Pacific Region (APA).
Overall, Railsbank is an innovative company that isn’t afraid to partner with a wide range of adventurous companies, take rewarding risks and bring its cutting-edge financial experiences to various countries worldwide.