Banking Fintech Fintech Funding News

Railsbank Raises USD37 Million Growth Funding Co-led By MiddleGame Ventures and Ventura Capital

Railsbank Raises USD37 Million Growth Funding Co-led By MiddleGame Ventures and Ventura Capital

Railsbank, the leading global Banking-as-a-Service (BaaS) platform, has raised USD37 million as part of continued equity funding to support its global growth and product expansion. 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 will enable Railsbank 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, enabling start-ups and established brands to prototype, launch and scale financial products within their own customer experience.

Read More: First Regulated DeFi Project KingSwap Raises $20 Million in Funding and Liquidity Support, Announces Public Launch on Uniswap

Nigel Verdon, co-founder and CEO of Railsbank, said: “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.”

It is also the latest milestone in what has been a landmark year for Railsbank that has seen the signing of two partnerships with Visa and an investment from the payments giant, as well as the acquisition of Wirecard in the UK.

Read More: Worldline Welcomes Ingenico, Creating a New World-Class Leader in Payment Services

Mo El Husseiny, Ventura Capital, said: “Ventura Capital is delighted to be the largest investor in this investment round, a commitment made on the strength of Railsbank’s clear technology leadership in the space, and Nigel and the executive team’s deep experience of the traditional global financial system. We expect Railsbank to be the category winner in Banking as a Service due to their beautifully scalable global business model and the winning client interviews we have initiated. We are absolutely excited to embark on the next phase of Railsbank’s growth and will remain a supportive shareholder for future capitalisation opportunities.”

Michael Meyer, co-managing Partner of MiddleGame Ventures, said: “We are proud to be supporting the best team in Open Finance. Nigel, Clive and team are building a unique high-growth company that embodies the essence of what my partner Pascal Bouvier first identified in 2016 with his blog post on “Banking as a Service/Platform”. We connected with Nigel then as a two-person start-up with explosive potential, hosted Nigel and Clive in our accelerator, and have supported Railsbank from the beginning. We look forward to exponential growth, particularly with our advice on US and European strategies.”

Read More: New Study Finds 70% of Consumers Would Leave Their Bank For One That Properly Identifies Themselves When Calling

Related posts

Appian Connected Claims Solution Available in AWS Marketplace

Fintech News Desk

Hut 8 Provides Update on Business Combination with USBTC

PR Newswire

Future FinTech Announces Plans to Build Cryptocurrency Mining Farm in Paraguay

Fintech News Desk