Layer and Railsbank will provide enhanced financial services to brands and companies across retail, telecoms and more
UNITED KINGDOM: Digital banking platform provider, Layer has, today, announced a significant new partnership with global embedded finance platform Railsbank that will enable any business or brand around the world to embed digital finance into their customer journey. Based in Dublin, with offices in Lagos and Dubai, Layer is a digital transformation platform that enables large financial institutions to rapidly revolutionize their customer and back-office digital experiences.
The partnership addresses the increasing demand from companies and brands, both within and outside the financial services industry, who are adding end-user wallets, debit cards, payments, savings, credit and bank accounts to their platforms and wish to simplify the process.
Layer, in partnership with Railsbank, will enable business and brands to offer cards and wallets to customers, providing an enhanced user experience, lower costs, greater speed, boosted security and faster conversion.
The partnership with Railsbank will enable Layer to offer a white-label Banking-as-a-service (BaaS) platform to fintech, ecommerce and brands that will revolutionise both the customer experience and back-office digital capability by enabling their clients to offer new products, services and experiences.
Railsbank is a global leader in Embedded Finance and BaaS, empowering a company, or a brand, to easily prototype, build and scale any financial use case.
Speaking about the new partnership, Roy Zakka, CEO and Founder of Layer, said:
“We are excited to partner with Railsbank to bring end-to-end banking capabilities to brands and customers in Europe, Asia and the US. As we see the market for embedded fiance grow exponentially, it offers us the opportunity to provide these global brands with embedded finance capabilities on their digital platforms”
Speaking about the new partnership, Louisa Murray, COO of Railsbank (UK and Europe), said:
“We are delighted to be working with the Layer team who not only have a deep, intuitive understanding of the market, but have great empathy with Railsbank’s aims and ambitions. I really look forward to collaborating with them over the coming months and years.”
The embedded finance sector, where services are offered within non-traditional areas such as in-store shopping, ridesharing or delivery, is growing rapidly. A recent study by Juniper Research predicts that the market will be valued at £100 billion in 2026, growing from £31 billion in 2021. The study also states that the buy-now-pay-later model, a key element of embedded services, will account for more than 50% of the market by 2026. A detailed report by Simon Torrance reveals that the market could reach £5 trillion by 2030. In addition to this, McKinsey reports that the profitability of traditional banks fell by £584 billion between 2015 and 2018, suggesting the cause is in part due to a lack of digital transformation as modern offerings entered the market.
Layer is a digital transformation platform that enables financial institutions to rapidly revolutionise their customer and back-office digital experiences. Positioned to accelerate the digital transformation of the finance sector globally, the company is creating better banking and finance outcomes for customers using its powerful SaaS platform to empower its clients. The digital banking platform currently operates across 25 different markets and delivers banking services to over 25 million consumers through its existing partnerships with United Bank for Africa (UBA) Al Baraka (Bahrain), Al Alizz (Oman), Zenith (Nigeria), and First National Bank (Lebanon). Based in Dublin, Ireland, Layer also has a presence in Lagos and Dubai and employs over 75 staff globally. For more information, visit www.wearelayer.com.
Railsbank is a global leader in BaaS and Embedded Finance, empowering a company, or a brand, to easily prototype, build and scale any financial use case. Its customers use Railsbank’s super simple APIs as building blocks to deliver exciting products for their own end users, reflecting the needs of the 21st-century financial consumer.
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