Railsbank secured $37 million from MiddleGame Ventures and Ventura Capital

Railsbank, a London, UK-based developer of a banking-as-a-service platform, announced that it completed a funding round of $37 million.

The money was raised from a range of investors led by MiddleGame Ventures and Ventura Capital with Anthos Capital, Global Brains, Clocktower Technology Ventures, Moneta VC, Mitsui Fudosan and Firestartr also participating.

Proceeds will be used for global expansion including the launch of ‘Credit Cards as a Service’ in the USA and continued expansion in South East Asia, the UK and Europe.

Railsbank, founded in 2016 by Nigel Verdon and Clive Mitchell, sells what the call a Banking as a Platform (BaaP) service, enabling banks, businesses and brands to have access to an embbeded finance platform. The company is headquartered in London and has offices in Santa Monica, Singapore, Vilnius, Munich, Newcastle, the Philippines, Malaysia, Vietnam and Sri Lanka.

Railsbank previously raised $10 million in 2019.