Financing | February 23, 2024
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Züm Rails secures $10.5 million Series A funding to expand across North America
Züm Rails Canadian fintech startupis transforming the payments processing landscape by securing $10.5 million in Series A funding led by U.S.-based VC Arthur Ventures to expand its innovative banking-as-a-service and instant payments solutions in the U.S. and beyond.
It was founded in Montreal in 2019 by Marc Milewski and Miles Schwartz., Züm Rails quickly rose to prominence by solving the fragmented nature of the enterprise payments experience. by developing All-in-one payment gateway that integrates open banking and instant payment, Züm Rails helps businesses streamline financial transactions without the need to become payment experts. With the recent influx of venture capital, Züm Rails is poised to accelerate growth, expand its offerings and solidify its position as a leader in the fintech space.
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- The company’s “Omni-Rail” technology Supports various payment methodsIncludes traditional and real-time options through partnerships with leading financial networks, including: Visa Direct, Mastercard, MX and Canadian Interac networks. Züm Rails’ solutions are designed to address the critical needs of the fintech industry by reducing fraud, verifying customer identity, and facilitating seamless payments.
- We process over $1 billion in payments each month for over 500 companies. include Questrade, Coinsquare and Desjardins, Züm Rails has seen 200% growth in the past year and has recently expanded into the US market. Led $10.5 million funding round Arthur VenturesIt will be used to expand Züm Rails’ presence in the United States and introduce new banking-as-a-service capabilities and the FedNow service.
Mark MileskiCo-founders of Züm Rails:
“Everyone learns about all the challenges of moving money around. We talked about open banking, but I thought it was about payments. Miles and I talked about building a whole new gateway that unifies those experiences. “Companies don’t want to be payments experts — that’s our job.”
see: How Permissioned DeFi Will Transform Global Payments
Why it matters
In a world where digital transactions are becoming increasingly complex and security concerns are paramount, Züm Rails offers simple, secure and efficient solutions. Their solutions improve the operational efficiency of businesses and contribute to the widespread adoption of open banking and instant payments technologies. Presenting a new standard in the fintech industry.
that much National Crowdfunding and Fintech Association (NCFA Canada) provides education, market information, industry management, networking and financing opportunities and services to thousands of community members, and works closely with industry, government, partners and affiliates to create a vibrant and innovative fintech and financing landscape. It is an innovation ecosystem. Industry in Canada. Decentralized and decentralized, NCFA works with global stakeholders and incubates projects in the fintech, alternative finance, crowdfunding, peer-to-peer finance, payments, digital assets and tokens, artificial intelligence, blockchain, cryptocurrency, regtech and insurtech sectors. and investment assistance. . Join the Canadian fintech and fundraising community today for free! Or become a contributing member and reap the benefits. For more information, visit www.ncfacanada.org.