London-based open banking platform Railsbank has launched in the US, introducing a first-of-its-kind Credit Card as a Service (CCaaS) offering.
The CCaaS technology is designed to make it faster and cheaper for fintechs and brands to launch into the $3.8 trillion American credit card market.
The startup's first US client is Unifimoney, a neobank targeting high-earning professionals, which will use the tech for its credit card, launching in the fourth quarter.
Meanwhile, to support the new operations, Railsbank has also appointed former head of Banking As A Service at Green Dot Dov Marmor as COO, North America.
Nigel Verdon, CEO, 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."