Railsbank lands $70m investment to drive global expansion
UK-based embedded finance platform Railsbank has raised $70 million in its latest funding round.
Railsbank is looking to expand across Europe, Asia Pacific and North America
The investment was led by US firm Anthos Capital with participation from Central Capital, Cohen and Company, Outrun Ventures and a number of existing investors.
The round follows Railsbank’s previous $37 million fundraise from November last year.
Railsbank CEO and co-founder Nigel Verdon says the company is looking to “transform the finance industry” with the use of APIs to bypass industry legacy infrastructure.
“Too much of the current global financial services system is made up of aging legacy technology and operational processes, making it unnecessarily complicated, highly expensive and nearly impossible for innovators to create the ‘Spotify’ of financial services.”
The company says it will use the funds to expand the reach of its Banking-as-a-Service (BaaS), Cards-as-a-Service, and Credit-as-a-Service products across Europe, Asia Pacific and North America.
The UK firm has already launched in Australia this year via a partnership with one of the country’s challenger banks, Volt.
Volt will engage with Railsbank’s global network of partners and customers to create a broader BaaS solution in Australia.
Railsbank also announced the appointment of John Hammond as its new chief commercial officer (CCO) in April.
Hammond had previously worked with Verdon and other members of the Railsbank team during his time as CCO of Currencycloud.
