Open banking platform Railsbank announced on Thursday it secured $37 million as part of continued equity funding to support its global growth and product expansion. According to Railsbank, MiddleGame Ventures and Ventura Capital co-led the round, with Anthos Capital, Global Brain, Clocktower Technology Ventures, Moneta VC, Mitsui Fudosan, and Firestartr also participating.
Founded in 2016, Railsbank describes itself as the pioneer and innovator in the global Banking as a Platform (BaaP) sector, enabling banks, businesses, and brands to define the future of consumer and SME finance.
“The Railsbank platform enables marketers, product managers, developers to take their financial product vision and rapidly prototype, launch and scale their vision using its open finance platform, financial operations, regulatory licensing and rich set of APIs. Using Railsbank’s super simple APIs as building blocks, customers can 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.”
Railsbank is now live and enabling customers in the UK, Europe, SE Asia, and the U.S. Speaking about the investment round, Nigel Verdon, Co-Founder and CEO of Railsbank, stated:
“We are thrilled to have the support of world-class investors who bring a highly strategic network to help us continue with the vision, with zero pivots, that Clive, my co-founder, and I started with in 2016. Over the past four years, we have built a global winning team and expanded our product into credit and data-driven insights, enabling any fungible product, such as money, digital assets, kilowatt hours, gas units, carbon credits, reward points, telco minutes, to be spent as money.”
Railsbank went on to add that the new investment will enable it to continue to expand its global footprint, further strengthen its core product proposition, launch Credit Cards as a Service and help increase its lead in the embedded finance market as the world’s pre-eminent BaaS platform.
