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Global fintech Railsbank has launched in the country through a partnership with local neobank Volt, in an effort to expand the embedded finance market in Australia,
Railsbank, which is registered in Australia under the name RailsPay, will take advantage of Volt’s Backend-as-a-Service (BaaS) platform and infrastructure to distribute products such as bank accounts, cards and payment solutions to Australian customers.
The deal is part of Railsbank plans to continue its expansion within the Asia Pacific region, said Justin Xiao, COO of Railsbank Asia Pacific.
"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," he said.
Xiao believes that while the embedded finance market in Australia is still in its infancy, it is expected to witness rapid growth over the coming years.
"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."
For its part, Volt will also be involved with Railsbank’s global network of partners and customers. Headquartered in UK, Railsbank has offices in Singapore, the Philippines, Malaysia, Vietnam, Sri Lanka, the US, Germany, and Lithuania.
The partnership will see the neobank enable a broader BaaS solution that will allow companies to prototype, launch, and scale financial products within their own customer experience.
"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," said Steve Weston, CEO and founder of Volt.
