Railsbank, a London, UK-based Banking-as-a-Service (BaaS) platform, raised $37m in equity funding.
MiddleGame Ventures and Ventura Capital, both existing investors in Railsbank, co-led the round, with Anthos Capital, Global Brain, Clocktower Technology Ventures, Moneta VC, Mitsui Fudosan and Firestartr also participating.
The company intends to use the funds for global growth and product expansion.
The company intends to use the funds to continue to expand its global footprint, further strengthen its core product proposition, and launch Credit Cards as a Service.
Founded by serial entrepreneurs and fintech veterans Nigel Verdon and Clive Mitchell in 2016, Railsbank provides a platform that enables marketers, product managers, developers, CEOs and founders to rapidly prototype, launch and scale products using its open finance platform, operations, regulatory licensing and set of APIs. The company’s system is live with customers in the UK, Europe, SE Asia and the US.
These product will be the backbone of Railsbank’s launch of Credit Cards as a Service in the USA.
Railsbank also has offices in Santa Monica, Singapore, Vilnius, Munich, Newcastle, the Philippines, Malaysia, Vietnam and Sri Lanka.