Embedded finance experiences platform, Railsbank, has changed its name to Railsr, and launched a rewards offering, signifying that it is ready to create and deliver the next evolution in the consumer financial experience.
Railsr is the first global turnkey platform that goes beyond fintech to enable any brand or company, for example, sports, retail, travel and eCommerce, to use embedded finance experiences as a strategic tool for customer relationships, relevance and revenue.
The Railsr platform has all the technology, product capabilities, operations and regulatory licences to empower brands to create and embed financial experiences, swiftly and seamlessly, and at the appropriate time, in their existing customer journey, wherever it is the most impactful.
Railsr now has more than 250 business-to-business (B2B) customers and 5.5 million accounts, with current customers including the likes of Foris, Paceline, Plum, Wirex and Wagestream – the very first customer signed in 2018. Strategic Partners now include AWS, Salesforce, Visa, Mastercard and Plaid.
Since its formation in 2016, the company has raised over US$100m in equity financing and has the backing of leading investors, including Visa. Additionally, the company is now a global platform servicing global and regional customers, with offices in the UK (HQ), Europe, APAC and the US.
Co-founder and CEO Nigel Verdon said: “In our fast-moving world of amazing customer experiences, the finance industry has failed to evolve. We’re ‘experience natives’ thinking differently to deliver positive disruption. As the world’s leading embedded finance experiences platform, running on Railsr helps brands put customers at the heart of their business by leveraging finance as a core engagement tool to deepen relationships, create relevance and generate revenue. We’ve changed our name to Railsr, and we’re making finance a phenomenal experience.
“The world has reached an inflection point. A time of radical digital transformation. Running on Railsr helps our customers drive relationships, relevance and revenue with their customers. We’re here for every step of their embedded finance experiences journey from prototyping through to launching and, ultimately, scaling globally.”
According to industry expert Simon Torrence, the value of the rapidly growing embedded finance economy – embedded insurance, lending and payments – will be valued at US$7.2tn of market capitalisation in 2030, twice the current value of today’s top 30 global banks and insurers.
Research commissioned by Railsr has uncovered growing demand for new and improved financial experiences and better rewards from consumers. It found that 39 per cent of consumers are interested in accessing financial services like credit, loans or investments from brands they love and trust; rising to 51 per cent of 18-24-year-olds. At the same time, 41 per cent would be interested in a credit card that offered early access to tickets, exclusive offers, or other high-value rewards from their favourite high-street brand.