Canada-based Zūm Rails secures $10.5million series A round funding. Arthur Ventures led the round. The company plans to utilise the money to add new Banking-as-a-Service services for merchants and to broaden its payments offerings.
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Zūm Rails, led by CEO Marc Milewski, combines fast payments with open banking via a single payments gateway. Because of its multi-rail payment strategy, companies and their clients can use the payment rails that best suit their requirements.
Zūm Rails facilitates the whole transaction path by integrating fast payments and open banking into a single gateway. This covers everything from confirming a client’s identity to enabling payments using the preferred method for the consumer and establishing a direct connection with their bank account to lower fraud and unsuccessful transactions.
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Zūm Rails’ “omni-rail” payment strategy combines real-time alternatives via partners including Visa Direct, Mastercard, MX, and Canada’s Interac network with conventional credit, debit, and electronic funds transfer (EFT) options.
About Zūm Rails
The payment puzzle is solved by Zūm Rails programme. Zūm views payments as enhancing the whole financial relationship between a company and its customers rather than merely transferring money more quickly and intelligently.
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Through a single API layer or payment gateway that offers the most elegant user experience on the market, their platform automates payment operations, expedites the onboarding process, offers sophisticated KYC / AML capabilities, transfers cash in real-time, and makes reconciliation easier.
