Irish digital banking platform partners with embedded finance leader to offer combined services across sectors
Layer & Railsbank will provide enhanced financial services to brands & companies across retail, telecoms, & more
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 businesses 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, e-commerce, 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 finance 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 €118 billion by 2026, growing from €36 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 almost €6 trillion by 2030. In addition to this, McKinsey reports that the profitability of traditional banks fell by €692 billion between 2015 and 2018, suggesting the cause is in part due to a lack of digital transformation as modern offerings entered the market.