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Railsbank partners with Australian neobank Volt to expand its footprint

By Leandra Monteiro

March 18, 2021

  • Australia
  • Railsbank

Railsbank, Railspay, Volt Bank, Volt 2.0, Australia, LAB3, MicrosoftBanking as a Service, BaaSRailsbank, a global embedded finance platform, has launched in Australia through a partnership with Volt, an Australian neobank. Through this partnership Railsbank aims to continue its expansion within the Asia Pacific region, with Australia as a highly strategic market.

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

Justin Xiao, COO of Railsbank, Asia Pacific, said, “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.”

“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, said, “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.

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