Railsbank secures $37 mn in funding led by MiddleGame and Ventura

By Megha Bhattacharya

Global Banking-as-a-Service platform Railsbank today announced that it has secured $37 million in a funding round co-led by MiddleGame Ventures and Ventura Capital. The round also saw the participation of Anthos Capital, Global Brain, Clocktower Technology Ventures, Moneta VC, Mitsui Fudosan and Firestartr.

The new investment is expected to enable the company to continue the expansion of its global footprint, strengthen core product proposition, launch Credit Cards as a Service, etc.

Nigel Verdon, co-founder and CEO of Railsbank, 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 within 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 $10 million in September 2019 from Moneta Capital, which led the round alongside CreditEase, Clocktower Technology Ventures, Singapore Life and a number of existing investors such as Firestartr.

Louisa Murray, COO for UK & Europe, Railsbank, said, “Railsbank started its journey in Europe and has now become the biggest BaaS provider in the region. The Railsbank team has grown exponentially over the past year and I am enthused and energised by the opportunities ahead of us, we have a great number of innovative customers onboard already and we look forward to welcoming many more.”