London-based open banking platform听Railsbank听has raised 拢28 million funding.听
Billed as 鈥�Banking-as-a-Service‘,听搁补颈濒蝉产补苍办鈥檚听APIs allow companies of all types to build financial services into their products.听
MiddleGame听Ventures and Ventura Capital, both existing investors in听Railsbank, co-led the round, with Anthos Capital, Global Brain, Clocktower Technology Ventures, Moneta VC, Mitsui Fudosan and听Firestartr听also participating.听听
The investment will听support its global growth and product expansion, including the launch of 鈥�Credit Cards as a Service鈥�.听
Nigel Verdon, co-founder and CEO of听Railsbank, said: 鈥淲e 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.听
鈥淥ver 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.鈥�听
This year听Railsbank听has signed听two partnerships with Visa and听secured听investment from the听payments听giant, as well as acquiring听Wirecard.听
Mo El听Husseiny, Ventura Capital, said: 鈥淰entura Capital is delighted to be the largest investor in this investment round, a commitment made on the strength of听搁补颈濒蝉产补苍办鈥檚听clear technology leadership in the space, and Nigel and the executive team鈥檚 deep experience of the traditional global financial system.听听
鈥�We expect听Railsbank听to be the category winner in Banking as a Service due to their beautifully scalable global business model and the winning client听interviews听we have initiated.听听
鈥�We are absolutely excited to embark on the next phase of听搁补颈濒蝉产补苍办鈥檚听growth and will remain a supportive shareholder for future capitalisation opportunities.鈥�听
Railsbank听also recently announced it will offer its complete platform, including BaaS, Cards as a Service, Compliance as a Service and the first-of-its-kind Credit as a Service to听FinTechs, enterprise companies and consumer brands in the USA.听
The firm听is headquartered in London and has offices in Santa Monica, Singapore, Vilnius, Munich, Newcastle, the Philippines, Malaysia, Vietnam and Sri Lanka.听