Zūm Rails Raises $7.8M Series A to Merge Open Banking and Payments

Zūm Rails, a Canadian payments and open banking fintech, closed a $7.8 million (CAD $10.5 million) Series A funding round led by Arthur Ventures in February 2024. The company specializes in merging open banking capabilities with instant payment infrastructure, processing more than $1 billion in monthly payments. The new capital will be used to launch additional Banking-as-a-Service features and expand its product suite.

Zūm Rails operates as a payments infrastructure provider enabling businesses to embed financial services. The round reflects continued investor interest in open banking and BaaS infrastructure in the Canadian and North American market. No specific financial terms beyond the round size were disclosed.