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Open banking platform Railsbank closes £1.2m Seed led by Firestartr

FinTech startup Railsbank has raised a £1.2m Seed led by Firestartr.

The round also drew support from Kima Ventures and angel investors including Peter Jackson (Worldpay UK); Tim Levene (Betfair); and Philip Riese (ex Zopa).

Co-founded by Nigel Verdon, who set up Currencycloud, Railsbank offers an open banking and compliance platform.

The news comes after Railsbank closed another round in September 2016 from backers including the ex head of Google Wallet in Europe.

Verdon said: “We are delighted to have closed this latest round and received backing from such leading firms and figures in the investment community.

“It underlines the confidence we and others have in Railsbank, and our business model, and it will allow the company to continue to develop in the direction and at the pace we have planned.”

The funds, Railsbank said, will be use to develop its Partner Network and to release its open banking platform from close beta.

Richard Muirhead, chairman and general partner at Firestartr, said he was “very pleased” to welcome the company to its portfolio, which includes TransferWise, Gojimo and Yoyo Wallet.

“Most of the market is focused on PSD2 and not focused where RailsBank are, for example, building a global bank, delivered as a platform.

“We believe this gives them an advantage and look forward to working with them on their journey as they scale Railsbank from Seed stage to Series A and beyond.”