|
Railz Raises $15 Million to Fund Future Growth
Friday, May 14, 2021
Railz.ai's API allows financial institutions and fintechs to connect to their SMB clients' accounting data
TORONTO, May 6, 2021 /PRNewswire-PRWeb/ -- Railz, developer of an API that enables financial institutions and fintechs real-time access to their customers' accounting data, has raised $12 million (USD) in a Series A round of funding. This is on top of a $3.1 million seed round that closed at the end of 2020. This investment will enable Railz to expand their efforts by continuing to build out their sales and engineering teams. The most recent funding round was led by Nyca Partners, with participation from Susa Ventures, Vestigo Ventures, Entrée Capital Global Founders Capital, Plug and Play Ventures, N49P and Hack VC.
Railz provides a single API that integrates with all major accounting platforms used by small businesses, which enables on-demand access to financial transactions, analytics, insights and reports. This Data-as-a-Service solution provides quick, low cost and direct access to small business customers' accounting data and can be up and running in a matter of hours. Railz solves a universal challenge in the large SME market segment by providing an API-based platform to financial innovators, enabling them to better service their customers.
According to Sohaib Zahid, CEO of Railz, "While there are many players who focus on collecting data across various accounting packages, the challenge of understanding what the data actually means, and how to categorize it, continues to be a major hurdle for the users of this information. Railz's data normalization solution, coupled with our insights and analytics engine, is the secret sauce that can address this challenge - and tackle it more accurately and quickly than any other service offering in market."
"We couldn't be more excited about being part of the team at Railz," said Jeremy Solomon, Partner at Nyca Partners, who is joining the board. "Businesses use accounting software as a single source of truth to record the financial health of their company. Sharing this data with another party is currently a manual process that is slow, expensive, and error-prone."
Railz's primary customers at this time are fintechs, major U.S. banks and wealth management firms looking for more accurate financial data to use for building financial applications within lending, audit, cashflow, and trade finance verticals. By having up the minute accounting data fed directly into their decision-making systems, financial institutions can make more informed and timely decisions.
About Railz:
Railz is fundamentally changing access to financial data. Railz solves the challenges in the massive SME market segment by providing an API based platform to financial innovators, enabling them to better service their customers. Their API enables standardized, normalized accounting data to be used to make decisions and create insights into a small business' financial health quickly, easily and affordably. Railz is based in Toronto and was founded in June of 2020.
Contact:
Duncan King
duncan@duncankingcommunications.com
Media Contact
Duncan King, Duncan King Communications, +1 (917) 570-7616, duncan@duncankingcommunications.com
SOURCE Railz
|
|
|
|
|
|
 |
Asetek - Mandatory Notification of Trade | Jan 22, 2026
|
|
Tomorrowland Brings the Magic to Shanghai for a Spectacular First Indoor Edition in China | Jan 22, 2026
|
|
BC.GAME to Host "Stay Untamed" Night During Abu Dhabi's Packed Web3 Summit Week | Jan 22, 2026
|
|
Auburn University's Applied Research Institute Expands Advanced Manufacturing Capabilities with CF3D Enterprise Cell | Jan 22, 2026
|
|
California Divorce Mediation Center Unveils Modern Website Redesign | Jan 22, 2026
|
|
Rent Manager Earned Best Real Estate Software Product Award and Multiple Review Badges from G2 Platform | Jan 22, 2026
|
|
AMPERA ANNOUNCES LOCATION FOR GLOBAL HEADQUARTERS | Jan 22, 2026
|
|
Culture and tourism sectors thrive in Xiamen | Jan 22, 2026
|
|
Immutable Announces First Co-Founder-Hosted Live Webinar: How to Dominate Your Steam Launch | Jan 22, 2026
|
|
StackGen Named in Four Gartner® Hype Cycles(TM) for Platform Engineering, Infrastructure Strategy, Site Reliability Engineering, and I&O Automation in 2025 | Jan 22, 2026
|
|
|
|
