Railsbank, the leading global Banking-as-a-Service (BaaS) platform, has raised $37 million as part of continued equity funding to support its global growth and product expansion, the company announced.
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 new investment is aimed at expansion efforts of its global footprint, further, strengthen its core product proposition, launch Credit Cards as a Service and help increase its lead in embedded finance as the world’s pre-eminent BaaS platform, enabling start-ups and established brands to prototype, launch, and scale financial products within their own customer experience.
Railsbank is headquartered in London and has offices in Santa Monica, Singapore, Vilnius, Munich, Newcastle, the Philippines, Malaysia, Vietnam, and Sri Lanka.
“South East Asia is home to some of the most vibrant and forward-looking economies. The growth in fintechs is powered by local and regional micro and macro trends, such as regulators changing the rules on banking, and increasing the adoption of super apps and e-wallets.
This has inspired our partners and customers to rethink the fintech possibilities of their business and consider where they are aligning with Railsbank’s vision of embedded finance: enabling any business to embed financial services directly into their own customer experience. It is in SE Asia where fintech will be fully embraced and where it will lead to a more financially inclusive society,”Railsbank, COO for South East (SE) Asia, Justin Xiao said.
The latest round adds to the previous Series A funding round of $10 million in September 2019 from Moneta Capital, which led the round alongside CreditEase, Clocktower Technology Ventures, Singapore Life, and a number of existing investors such as Firestartr.
Railsbank is live and enabling customers in the UK, Europe, SE Asia, and the US. It is the only global BaaP player.
The Railsbank platform enables marketers, product managers, developers, CEOs, and founders to take their financial product vision and rapidly prototype, launch and scale using its open finance platform, operations, regulatory licensing, and rich set of APIs.
Railsback’s APIs are considered to be the building blocks that customers can use to build pretty much any financial use case they can imagine, freeing up Railsbank customers to focus on delivering delightful finance experiences to consumers and businesses.
It was founded by serial entrepreneurs and fintech veterans Nigel Verdon and Clive Mitchell in 2016.