Railsbank, the London-headquartered Banking-as-a-Service platform, has raised $37 million in new growth funding.
Leading the round is MiddleGame Ventures and Ventura Capital, which are both existing investors in Railsbank . Also participating is Anthos Capital, Global Brain, Clocktower Technology Ventures, Moneta VC, Mitsui Fudosan and Firestartr.
Nigel Verdon, co-founder and CEO of Railsbank, tells me the injection of capital will be used to continue expanding the fintech’s global footprint and for further product development. This will include the launch of “credit cards as a service” in the U.S. and expand its product in APAC, including the Philippines, Indonesia, Malaysia, Australia and Japan. It will also double down on existing markets such as the U.K./Europe.
Verdon isn’t ruling out further M&A activity, either, including other strategic acquisitions following the purchase of Wirecard in the U.K.
Asked what the upside of the Wirecard acquisition was, the Railsbank founder says it helps