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Railsbank raises $37m

Banking-as-a-Service platform Railsbank has raised $37 million in a funding round led by MiddleGame Ventures and Ventura Capital.

Anthos Capital, Global Brains, Clocktower Technology Ventures, Moneta VC, Mitsui Fudosan and Firestartr joined the round, the proceeds of which will be used to fuel London-based Railsbank’s geographic and product expansion.

The most immediate target is the US, where the firm is launching a Credit Card as a Service (CCaaS) offering designed to make it faster and cheaper for fintechs and brands to launch into the $3.8 trillion American credit card market.

The raise comes after a busy few months for Railsbank, which saw the open banking pioneer secure an investment from Visa and acquire the UK arm of disgraced Germany payments processor Wirecard.

Mo El Husseiny, Ventura Capital, says: “We expect Railsbank to be the category winner in Banking as a Service due to their beautifully scalable global business model and the winning client interviews we have initiated.”

Source: Finextra

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