Railz

About Railz

Railz AI Inc. operates as a financial technology company that provides a single Application Programming Interface (API) for real-time accounting data. Founded in 2020 by Sohaib Zahid and Derek Man, the Toronto-based firm aims to simplify and accelerate the process for financial institutions and fintechs to access and analyze financial data from their small and medium-sized business (SMB) customers. Zahid, serving as CEO, brings experience from the financial software sector, while Man, the CTO, has a background in building scalable technology platforms. The core of Railz's offering is its Accounting Data-as-a-Service™ API. This technology normalizes and analyzes financial information directly from major accounting platforms used by SMBs, such as QuickBooks, Xero, and Sage. By integrating a single API, Railz's clients—which include banks, lenders, and other financial technology companies—can gain a comprehensive view of an SMB's financial health. This enables them to make faster and more informed decisions regarding business lending, insurance underwriting, and other financial services. The platform's business model is subscription-based, generating revenue by providing its developer-friendly API to financial institutions and fintechs. For these clients, the primary benefit is the ability to build sophisticated financial products without the heavy lifting of integrating with multiple, disparate accounting systems. Railz handles the complexities of data aggregation, normalization, and analytics, offering up insights like a 'business credit score' to streamline risk assessment. The company has successfully raised significant capital to fuel its growth, including a $15 million Series A funding round.