Payments

Railsbank raises $70M

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July 28, 2021

Railsbank, an embedded finance platform provider, has raised $70 million in a funding round, led by Anthos Capital. The company will use these funds to expand its products including banking-as-a-service, cards-as-a-service and credit-as-a-service in Europe, Asia Pacific and North America, according to a press release.

Railsbank has rails directly into the financial system to bypass the industry legacy infrastructure, and is a principle card-issuing member of Mastercard and Visa, according to the release.

"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," Nigel Verdon, CEO and co-founder of Railsbank, said in the release.

"We are changing that at Railsbank by combining our 'zero legacy' platform with deconstructing financial services into individual digital components. Because we have created these individual financial components, our customers can easily embed financial products directly into their own customer experiences at exactly the point where consumers and SMEs need financial services, not at the point when traditional providers forced them to."