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.

Go deeper with GlobalData

Data Insights

The gold standard of business intelligence.

Find out more

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.

How well do you really know your competitors?

Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.

Company Profile – free sample

Thank you!

Your download email will arrive shortly

Not ready to buy yet? Download a free sample

We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form

By GlobalData
Visit our Privacy Policy for more information about our services, how we may use, process and share your personal data, including information of your rights in respect of your personal data and how you can unsubscribe from future marketing communications. Our services are intended for corporate subscribers and you warrant that the email address submitted is your corporate email address.

“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.