back Back

Railsr partners with DND Finance to launch new credit card

By Leandra Monteiro

September 27, 2022

  • Bank Identification Number
  • Card Payments
  • Credit Card
Share

Railsr Railsr, a global embedded finance experiences platform, is partnering with DND Finance (DND), a multinational commercial equipment finance provider, to launch the Score Credit Mastercard.

Branded as the Score Credit Mastercard by DND, it is aimed at personal users and business owners with a less-than-perfect credit record including entrepreneurs and students. The card is also Shariah-compliant. DND believes its card will be a keyway for users to get their credit records back-on-track, echoing sentiments articulated by Railsr which advocates the democratisation of finance.

DND uses the Railsr platform for its UK Banking-as-a-Service, licensing and card services. It chose Railsr as the issuer, because it did not want to manage every single part of the implementation process, including linking to key partner platforms and getting a Bank Identification Number (BIN).

DND has created the card based on the knowledge that a good credit record is built when people develop a history of paying bills on time, such as credit cards, lines of credit and loans. With the Score Mastercard, a user decides what limit is best for them, transfers a security deposit to DND, starts using their card for everyday expenses and consistently pays their bills on time. That payment history is reported to the UK credit agencies and their credit improves.

DND traditionally works with SMEs and entrepreneurial companies in the UK and Canada that are typically ignored by larger lenders. It provides vendor financing programmes to manufacturers and works closely with small-ticket brokers of equipment finance. It also provides loans to professionals, from physicians to accountants and architects.

Louisa Murray, SVP, Global Head of Enterprise Customers and Partners of Railsr, said, “We are very excited to be working with the team at DND. Its approach of helping companies and individuals navigate the tricky world of finance aligns very much with our core principles of how the wider financial services sector is there to serve as many people as possible. We look forward to working with them over the coming years.”

Rev Dr K Bill Dost, co-founder and Group CEO of the DND, added, “Our services provide a way for underfunded entrepreneurs to finance their dreams – to open a new business or continue the business they have when they need funding. It is great to team up with Railsr, a platform that could offer us the whole package and take away the pain of introducing our product.”

“Our purpose with the Score Card is to offer attainable access to a better life for everyone. This is because a bad credit rating used to mean one would not be able to access affordable credit products; today it means that you cannot move into your ideal neighbourhood or your children cannot attend the right school. A good credit rating is the difference between a life of lack and a life of privilege and we choose to offer that life of privilege to anyone that desires it.”

Previous Article

September 27, 2022

RV Depot goes live with Scienaptic’s AI-powered credit decisioning platform

Read More
Next Article

September 27, 2022

Buy2Sell partners with Mastercard for cross-border payments in Vietnam

Read More








IBSi Daily News Analysis

Fraud

February 23, 2024

Bank Identification Number

Regulated firms battle surge in financial crime attempts, research reveals

Read More

IBSi FinTech Journal

  • Most trusted FinTech journal since 1991
  • Digital monthly issue
  • 60+ pages of research, analysis, interviews, opinions, and rankings
  • Global coverage
Subscribe Now

Other Related News

Today

Ebury and Nium team to offer cross-border payments in Brazil

Read More

Today

MultiPay teams up with Acquired.com to launch Pay By Bank

Read More

Today

UNIPaaS unveils AI payment assistant solution for SaaS platforms

Read More

Related Reports

Sales League Table Report 2023
Know More
Global Digital Banking Vendor & Landscape Report Q4 2023
Know More
Wealth Management & Private Banking Systems Report Q4 2023
Know More
IBSi Spectrum Report: Supply Chain Finance Platforms Q4 2023
Know More
Treasury & Capital Markets Systems Report Q4 2023
Know More

IBSi Sales League Table

The industry acknowledged barometer of global banking technology vendor performance!
Get your copy now!
close-link
Get your copy now! IBSi Sales League Table 2023