Railsbank, via subsidiary Railspay, secures AFSL to enable Australian brands to create embedded finance experiences

SYDNEY, Feb. 24, 2022 /PRNewswire/ — Railspay, the wholly owned Australian subsidiary of world-leading embedded finance experience platform Railsbank, has secured an independent Australian financial services licence (AFSL) to enable more innovative consumer brands to harness the power of embedded finance experiences.

Railsbank APAC COO & Australia GM Ben Smith
Railsbank APAC COO & Australia GM Ben Smith

Embedded finance experiences offer brands a wide range of valuable benefits including increased frequency of consumer interaction, greater loyalty and spend, and deeper, data-driven, customer relationships.

The new licence, which sits alongside existing Railsbank regulatory capabilities in UK, Europe, USA and Singapore, is part of the company’s global ambition to bring embedded finance experiences to every market in the world, and make finance an amazing experience everywhere.

It offers new capabilities alongside Railsbank’s existing relationship with Volt, and follows extensive regional growth for Railsbank in APAC, with 70 local personnel hires including key senior executives in just the last 18 months.

These hires include the appointment of Paul Koopmans, who joins Railsbank as Head of Sales for APAC. Paul was previously Regional Sales Director for global fintech payment and risk management specialist AFEX.

Nigel Verdon, Railsbank CEO and co-founder, said: "It is great for my family to be in finance again in Australia as it has been over 150 years since my great-great grandfather Sir George Verdon was Treasurer of the State of Victoria and General Manager (CEO) of what is today called ANZ Bank. He commissioned the baroque building that is the head office of ANZ Bank where his original apartments are still maintained as a museum."

Ben Smith, Railsbank APAC COO, said: "We fundamentally believe that consumer behaviour drives finance and from our research we know the future is all about consumers wanting to have seamless financial experiences with the brands they love, such as Amazon and Nike.

"This new licence, coupled with our Volt partnership, better-enables innovative Australian brands to offer incredible embedded finance experiences, as we have already delivered elsewhere for brands like McLaren Formula One, Wagestream, and hundreds of others.

"We are excited to partner with consumer brands to co-create amazing embedded finance experiences that strengthen their customer relationships and enjoyment. This is our next big step in delivering category-defining products and partnerships into this region."

Railsbank is headquartered in London and has offices in Singapore, Ireland, USA, Australia, Lithuania, Germany, the Philippines, Vietnam and Sri Lanka.

About Railsbank

Railsbank believes that the embedded finance economy is a fundamentally different way of creating relationships between companies and consumers. It is passionate about enabling brands to build relevant finance experiences to drive customer engagement and loyalty.

Railsbank recognises that consumers want fully immersive and frictionless brand experiences, and expect retailers to deliver the best, most personalised and distinctive experiences.

Railsbank was founded in London (HQ) in 2016 and operates throughout the UK and Europe, APAC and the US.

 

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