First round of funding secured for the launch of Zūm Rails’ revolutionary banking-as-a-service and FedNow solutions

Milewski and Schwartz bootstrapped Zūm Rails, building it up to a team of 30 people. “We reached the point where we realize that bootstrapping is no longer healthy for our business,” Schwartz told TechCrunch. In addition, Zūm Rails is working on a FedNow offering in the U.S. that will enable businesses to send and receive FDIC-insured payments within seconds. Zūm Rails’ performance to date “is really impressive,” Jake Olson, vice president at Arthur Ventures, told TechCrunch. Any organization that views the streamline digital financial interaction coupled with the instant payments capability as a competitive advantage will be a great fit for Zūm Rails.”