Open banking and RegTech firm Railsbank Technology has raised $10m in a Series A funding round.

The firm announced that it will open an office in Singapore following the funding.

The firm’s technology is designed for developers and product managers to build and launch financial services businesses. It describes itself as a complete financial services utility which allows its customers to launch and operate their financial services business globally.

Funding will be used to expand the firm’s global reach with continued expansion in the US, Australia and Southeast of Asia. It will also enhance its technology from its current banking, payments and cards offering into APIs for other financial services.

Its new Singapore office will be used to access the Southeast Asia market, occupied by a team already hired and set to grow with new hires.

The funding round was led by Montea Capiral and joined by CreditEase, Clocktower Technology Ventures, Singapore Life and existing investors.

Nigel Verdon, co-Founder and CEO said the firm was delighted to welcome new and existing supportive investors.

“Railsbank is at a key stage of its development and we are moving into a period of sustained expansion,” he said.

“Our industry leading products and highly skilled management team are being leveraged across a growing customer base, and we are continually being presented with opportunities on a global scale.”

“Our Singapore office is a central part of our expansion strategy. It will not only serve our existing client base, but will allow us to attract new customers in a region, which is experiencing huge growth in the financial services sector and will allow us to fulfil our social mandate of financial inclusion."

Meirav Har Noy, general partner at Moneta Capital, added: “We share Railsbank’s vision for the democratization of the financial services industry via API’s.

“While API democratization has turned over industries such as payments, telephony and travel, it has not taken over the wider financial services industry, which is still painful for both developers and consumers.”