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Volt to expand BaaS via new partnership

The neobank is preparing to accelerate its banking-as-a-service offering to businesses following a new partnership with embedded finance platform Railsbank.

Volt Bank (Volt) has partnered with fintech platform Railsbank to enable the UK-based tech company to offer Volt’s products to businesses using its platform.

Railsbank is an “open finance platform” that brings together banks and businesses to enable companies to embed financial services into their apps and customer journeys utilising its API platform. Likewise, it enables banks to offer their products to Railsbank companies, which they can white label.

The new partnership will see Railsbank launch into the Australian market for the first time, registered under the name RailsPay.

The platform will leverage Volt’s banking-as-a-service (BaaS) platform and infrastructure to distribute products such as bank accounts, cards and payment solutions to Australian customers. It is expected that Volt will launch its long-awaited mortgage offering via the broker channel later this year.

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Volt is said to be “the first and only bank” selected to launch Railsbank’s embedded finance offering in Australia. 

The neobank is also set to work with Railsbank’s global network of partners and customers, and enable a broader BaaS solution in Australia that will allow companies to prototype, launch and scale financial products within their own customer experience. 

Speaking of the partnership, Volt founder and CEO Steve Weston said: “We are proud to be the first and only bank selected to launch Railsbank’s embedded finance offering in Australia.

“Railsbank has a proven track record of servicing millions of customers through partnerships with banks like Volt in global markets.

“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.”

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Justin Xiao, COO of Railsbank, Asia Pacific, said: “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.

“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.

Mr Xiao continued: “Australia’s fintech scene is thriving, and Railsbank has a lot to offer in terms of bringing innovative solutions and best practices to customers. Collaborating with Volt gives us access to local knowledge and capabilities to help us succeed.

“This is a significant partnership for Railsbank as we continue our expansion in the Asia-Pacific region.”

Railsbank is headquartered in the UK and has offices in Singapore, the Philippines, Malaysia, Vietnam, Sri Lanka, the US, Germany and Lithuania. 

[Related: Volt to develop BaaS digital platform]

 

Volt to expand BaaS via new partnership
Volt to expand BaaS via new partnership
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Annie Kane

Annie Kane is the editor of The Adviser and Mortgage Business.

As well as writing about the Australian broking industry, the mortgage market, financial regulation, fintechs and the wider lending landscape – Annie is also the host of the Elite Broker and In Focus podcasts and The Adviser Live webcasts. 

Contact Annie at: This email address is being protected from spambots. You need JavaScript enabled to view it.

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