IT Brief Australia - Technology news for CIOs & IT decision-makers
Story image

Railsbank teams up with Volt to launch in Australia

Wed, 24th Mar 2021
FYI, this story is more than a year old

Global fintech provider, Railsbank, has launched in Australia via a partnership with the country's first neobank, Volt.

According to a statement, the partnership enables Railsbank to continue its expansion within the Asia Pacific region, including the highly strategic market of Australia.

Railsbank will leverage Volt's BaaS platform and infrastructure to distribute products such as bank accounts, cards, and payment solutions to Australian customers.

Volt will be the first and only bank selected to launch Railsbank's embedded finance offering in Australia. Railsbank is registered in Australia under the name RailsPay.

The embedded finance market in Australia is in its infancy, but both Railsbank and Volt state it is set for rapid growth over the coming years.

Volt will also engage with Railsbank's global network of partners and customers, and enable a broader BaaS solution in Australia that will allow companies to prototype, launch, and scale financial products within their own customer experience, the company states.

Railsbank COO Asia Pacific Justin Xiao says, “Australia is strategically important for Railsbank and it's a real privilege for us to be partnering with Volt in this next phase of our growth.

"The strength of the Volt brand, balance sheet, and compliance offering makes it the ideal partner to help us launch into the local market and tap the growth opportunity in embedded finance."

Xiao says, “Australia's fintech scene is thriving and Railsbank has a lot to offer in terms of bringing innovative solutions and best practices to customers. Collaborating with Volt gives us access to local knowledge and capabilities to help us succeed.

"This is a significant partnership for Railsbank as we continue our expansion in the Asia Pacific region.

Volt founder and CEO, Steve Weston, says, “We are proud to be the first and only bank selected to launch Railsbank's embedded finance offering in Australia.

"Railsbank has a proven track record of servicing millions of customers through partnerships with banks like Volt in global markets.

"This partnership demonstrates how our prudent and measured approach to market entry, built on the sturdy foundation of our unique BaaS platform and partnership strategy, could help to make Volt a long-term contender for a share of Australia's highly lucrative banking sector."

Railsbank is headquartered in the UK and has offices in Singapore, the Philippines, Malaysia, Vietnam, Sri Lanka, the US, Germany, and Lithuania.

It has relationships with numerous banks and financial institutions across Europe, the US, and Asia-Pacific, and will continue its expansion across Asia with a view to deepening its footprint in Japan, the Philippines, Thailand, and Vietnam later this year.

In November 2020, Railsbank raised US$37 million as part of continued equity funding to support its global growth and product expansion. Significant investors include Mastercard and Visa.

Follow us on:
Follow us on LinkedIn Follow us on X
Share on:
Share on LinkedIn Share on X