Railsbank, a banking-as-a-service provider, has scored $37m in its funding round to support the growth of its product suite.
The investment was co-led by existing Ralisbank backers MiddleGame Ventures and Ventura Capital. Additional contributions came from Anthos Capital, Global Brain, Clocktower Technology Ventures, Moneta VC, Mitsui Fudosan and Firestartr.
With the funds, the company is looking to strengthen its core product proposition, launch a credit cards-as-a-service, and bolster its position in the market. The company will also be looking to widen its global footprint.
Headquartered in London, Ralisbank designs open APIs that empower regulated and unregulated companies to implement banking services. Available tools include: support ledgers, debit card issuing, IBAN accounts, sending and receiving money, credit management, money conversions, and completing transactions.
Ralisbank received a strategic investment from Visa earlier in the year, which also included a partnership between the companies.
Ventura Capital founder and managing partner Mo El Husseiny said, ?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 growth and will remain a supportive shareholder for future capitalisation opportunities.p>
The FinTech previously raised $10m for its Series A round back in 2019, which came from Moneta Capital, CreditEase, Clocktower Technology Ventures, Singapore Life and other investors.
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