Railsbank’s Australian subsidiary Railspay has joined forces with Parpera, a money management platform, to offer banking-as-a-service (BaaS) products.
Through the partnership, Parpera will gain access to Railspay’s embedded finance services to launch and scale financial offerings.
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Initially, Parpera plans to offer an app-based business solution, which includes access to a Volt bank account and a Mastercard business debit card, among others.
Parpera seeks to gain access to international markets through Railsbank’s network of banks and financial services partners for future expansions.
Railspay GM Ben Smith said: “We are delighted to welcome Parpera to the Railspay platform as our first Australian customer.
“Australia’s fintech scene is positively thriving, as evidenced by the speed at which we are already gaining momentum in the Australian market since our recent entry.
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By GlobalData“We look forward to helping Parpera rapidly prototype, launch, and scale financial products locally and globally.”
BaaS platform Railsbank launched in Australia earlier this year after securing a partnership with the country’s first neobank Volt.
In July this year, Railsbank secured $70m in funding to support its growth across Europe, Asia Pacific and North America.
Parpera founder and CEO Daniel Canizzaro said: “This partnership enables us to far more rapidly and cost-effectively acquire the banking, payments, and regulatory capabilities needed to launch in Australia and then scale globally.”
In May this year, Railsbank partnered with fintech firm Plaid to help its customers accept bank payments within their app or website.
