Railsbank raises £10M Series A for its open banking and compliance platform

Railsbank, the open banking and compliance platform co-founded by CEO Nigel Verdon, who previously founded Currencycloud, has raised £10 million in Series A funding.

The new injection of capital will be used for further expand beyond Europe, including the U.S., Australia and South East Asia. The latter includes a new office in Singapore where a small team has already been assembled.

Backing Railsbank’s Series A is Moneta Capital, which led the round, alongside CreditEase, Clocktower Technology Ventures, Singapore Life. A number of existing investors also participated including Firestartr.

In a call with Verdon, who was talking to TechCrunch from Singapore, he explained that the new office is part of a strategy that will see Railsbank ride the next wave of fintech innovation, which he says is happening in South East Asia and where the playbook from London and New York 2011 is being repeated.

“In 2011, [we] saw the emergence of the finTech 1.0 scene with people like Currencycloud (which I also founded), TransferWise, Betterment, Bank Simple etc,” he tells me.

“This was enabled by the opening up of regulation as the macro trend. We currently see [a] similar regulator macro trend in SE Asia emerging and also the macro

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