Zūm Rails secures $10.5M to develop banking-as-a-service platform

Founded in Montreal in 2019 by Marc Milewski and Miles Schwartz, Zūm Rails strives to simplify the complex financial ecosystem for companies by providing an all-in-one payments gateway. They offer comprehensive payment solutions that bridge the gap between open banking and instant payments.

• Origins and Mission: Marc Milewski brought his treasury payments experience from Versapay to team up with Miles Schwartz with a vision. They aimed to revolutionize payment gateways by unifying open banking and instant payments, relieving companies from the need to be payment experts.

• Innovative Technology: Zūm Rails has developed technology that uses "omni rails" for payments, accommodating traditional methods like credit, debit, or EFTs, and real-time options with partners such as Visa Direct, Mastercard, MX, and Canada’s Interac network.

• Impressive Growth: Processing over $1B monthly for 500+ companies, including prominent names like Questrade, Coinsquare, and Desjardins, Zūm Rails has experienced more than 200% growth. Its successful U.S. launch at the end of 2023 and its recent $10.5M Series A led by Arthur Ventures are testaments to its ascending trajectory.

With the fresh infusion of venture capital, Zūm Rails is set to further its mission in the U.S., introducing new banking-as-a-service features and a FedNow offering, promising FDIC-insured payments within seconds. This expansion aligns with its vision of providing businesses with a seamless transaction experience.