Railsbank’s ‘first-of-its-kind’ Credit Card as a Service product to bring competition and innovation to the US $3.8 trillion credit card market
Wins first US customer Unifimoney Inc.
Appoints Dov Marmor, formerly head of Banking As A Service at Green Dot, as COO, North America
Railsbank, the leading global open banking platform, has launched operations in the US, won its first customer Unifimoney and appointed Dov Marmor as Chief Operating Officer (COO), North America.
Railsbank will offer its complete platform, including Banking as a Service, Cards as a Service and the first-of-its-kind Credit Card as a Service (CCaaS) to fintech and “brand” customers in the US. The new product will encourage increased competition and innovation within the country’s $3.8 trillion credit card market in spending and over 40 billion transactions annually.
Nigel Verdon, co-founder and CEO of Railsbank, said: “The high costs and complexity of launching credit card propositions have stifled innovation by creating barriers to entry to all but the largest of traditional financial companies. Fintech has changed the face of much of the banking industry, but, to date, the credit card market has been immune from this disruption. Railsbank will be able to drive change in the market with its CCaaS offering.”
Railsbank’s unique CCaaS solution will enable a high volume of innovative fintech programmes to reach the market at high speed and low cost.
Unifimoney, the first full-service neobank for high-earning professionals, has become Railsbank’s first CCaaS customer. The Unifimoney credit card will be launched in the fourth quarter of 2020 as an integrated part of its single mobile account — including saving and investing — to help automate personal financial management.
Ben Soppitt, CEO of Unifimoney, commented: “We invested a year searching for the right partner: a company that could manage the complexity of credit cards and be a true innovation partner. We are extremely pleased to have found that company in Railsbank.”
To support its newly launched operations in North America, Railsbank has also appointed Dov Marmor as COO. Dov, who comes from BaaS platform Green Dot Corporation, will be based in Railsbank’s new US hub in Santa Monica.
Dov Marmor, COO of Railsbank North America, added: “Railsbank is a true global leader in Banking as a Service. I look forward to playing an instrumental role in enabling innovation through the industry first CCaaS proposition in the US.”
Railsbank also has offices in the UK, Singapore, Lithuania, the Philippines, Vietnam and Sri Lanka.