Banking-as-a-service (BaaS) platform Railsbank has announced that it has raised $37 million as part of continued equity funding to support its global growth and product expansion.
Backers included existing investors MiddleGame Ventures and Ventura Capital, which co-led the round, with Anthos Capital, Global Brain, Clocktower Technology Ventures, Moneta VC, Mitsui Fudosan and Firestartr also participating.
The funds will be used to launch a credit-cards-as-a-service product in the U.S., continued expansion in APAC and to strengthen its business in the UK and Europe, Railsbank said in an announcement on Thursday.
The raise 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 several existing investors such as Firestartr.
APAC Focus
The Asia Pacific region has long been a focus for the platform. In the past year, Railsbank has signed a partnership with Visa to deliver its solutions in Singapore, the Philippines, Vietnam and Thailand, and recently became a Visa issuing member in Singapore.
Co-founder and CEO Nigel Verdon also relocated to Singapore, where Railsbank opened its regional head office in 2019.
«Southeast 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,» Justin Xiao, Railsbank COO for SE Asia, said about the opportunities the firm sees in the region.
Railsbank is headquartered in London and has offices in Santa Monica, Singapore, Vilnius, Munich, Newcastle, the Philippines, Malaysia, Vietnam and Sri Lanka.
