Railsbank secures US$37 million to support global growth, product expansion

KUALA LUMPUR, Nov 16 -- Railsbank, the leading global Banking-as-a-Service (BaaS) platform, has raised US$37 million as part of continued equity funding to support its global growth and product expansion. (US$1 = RM4.115)

Railsbank’s existing investors, MiddleGame Ventures and Ventura Capital, co-led the round, with Anthos Capital, Global Brain, Clocktower Technology Ventures, 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.

This enables start-ups and established brands to prototype, launch and scale financial products within their own customer experience, according to a statement.

Railsbank co-founder and chief executive officer, Nigel Verdon 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.”

The latest round adds to the previous Series A funding round of US$10 million in September 2019 from companies including CreditEase, Clocktower Technology Ventures, Singapore Life and a number of existing investors.

Railsbank is headquartered in London, with offices in Santa Monica, Singapore, Vilnius, Munich, Newcastle, the Philippines, Malaysia, Vietnam and Sri Lanka.

-- BERNAMA