UK-headquartered banking software provider Railsbank secured $37m yesterday from investors including real estate developer Mitsui Fudosan.
The round was co-led by venture capital firm MiddleGame Ventures and investment firm Ventura Capital and also featured Anthos Capital, Global Brain, Clocktower Technology Ventures, Moneta VC and Firestartr.
Railsbank is the creator of an open banking software platform that enables users to insert banking functionality into other software applications. The funding will be allocated to international growth and product development, including the launch of a credit card-focused product.
The latest funding comes after payment services firm Visa joined Global Brain to invest ‘several millions’ dollars in Railsbank in April this year.
Moneta VC had previously led the company’s $10m series A round in September 2019, investing alongside insurance provider Singapore Life, online lending platform CreditEase, Clocktower Technology Ventures and existing backers including Firestartr.
Firestartr led a $1.2m seed round for Railsbank in 2017 featuring Kima Ventures and angel investors including Peter Jackson, Tim Levene and Phillip Riese. The company revealed
Louisa Murray, Railsbank’s chief operating officer for the UK and Europe, said: “We are part of an enormously vibrant fintech sector and I am proud that Railsbank offers the fastest go-to market route for any type of business to embed and launch financial products.
“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.”
