RailsBank Raises $ 70 Million to Expand Integrated Financial Platform Globally
London-based integrated global finance platform Railsbank enables fintechs, supermarkets, telecom operators and consumer brands around the world to create new financial offerings. In a recent development, the company has raised $ 70million (almost £ 50.5million) in funding.
The investment round was led by Anthos Capital and attracted a range of investors, including Central Capital (the VC arm of Indonesia’s largest private bank), Cohen and Company (the founder of Bancorp) and the new funds from Chris Adelsbach, Outrun Ventures. In addition, existing Railsbank investors participated in the round.
Railsbank will use the funds to stimulate the international expansion of its various integrated finance products – Banking as a Service, Cards as a Service and Credit as a Service in Europe, Asia Pacific and North America. Additionally, fintech will help clients reshape and democratize access to the financial services industry.
“Think of Railsbank as the Internet’s financial services layer,” said Nigel Verdon, CEO and co-founder of Railsbank. “We are transforming the financial industry the same way Apple did for the music industry when they created iTunes. Too much of the current global financial services system is made up of aging legacy technologies and business processes, making it unnecessarily complicated, very expensive, and nearly impossible for innovators to create the “Spotify” of financial services.
Betsy Cohen, President of Fintech Masala and Founder of Bancorp, added: “The market has moved so rapidly since we founded the world’s first BaaS company, Bancorp. As we enter the integrated finance market of 7 Trillion dollars, it’s been great watching the growth story, with this investment it’s a privilege to continue to be part of the journey with a global leader like Railsbank.
Chris Adelsbach, Managing Partner of Outrun Ventures, commented: “Outrun Ventures is delighted to support Railsbank in its recent financing. I have had the benefit of being at the forefront of Railsbank as a primary investor and advisory board member and have been incredibly impressed with their growth. More importantly, as an early stage fintech investor, I have witnessed a remarkable shift in the volume of companies building next generation businesses using Railsbank. “
Leads the integrated finance sector
Railsbank’s innovative products, including Bank as a Service and Cards as a Service, are developed from its legacy zero-based funding platform. The company is a dominant player in the field of integrated finance and acts as a regulated financial institution and key card issuing member of Visa and Mastercard.
Railsbank was founded in 2016 by fintech veterans Nigel Verdon and Clive Mitchell. FinTech allowing a business or brand to easily prototype, build and scale any financial use case. Its customers use very simple APIs as building blocks to deliver exciting products to their end users, including applications that help manage and distribute money in real time, reflecting customer needs. The company’s mission is to offer financial services that benefit everyone.