Railsbank has launched operations in the US and has won its first customer, Unifimoney.

Railsbank will offer its complete platform. This includes 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.

Railsbank believes that the new product will encourage increased competition and innovation within the country’s $3.8trn credit card market in spending and over 40 billion transactions annually.

Nigel Verdon, co-founder and CEO of Railsbank, says: “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.”

Specifically, Railsbank argues that its CCaaS solution will enable a high volume of innovative fintech programmes to reach the market at high speed and low cost.

Unifimoney: neobank for high earning professionals

Unifimoney, the first full-service neobank for high-earning professionals, has become Railsbank’s first CCaaS customer. The Unifimoney credit card will launch in the fourth quarter as an integrated part of its single mobile account — including saving and investing — to help automate personal financial management.

Ben Soppitt, CEO of Unifimoney, adds: “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.”

Railsbank also has offices in the UK, Singapore, Lithuania, the Philippines, Vietnam and Sri Lanka.