UK-based open banking platform developer Railsbank secured $70m on Wednesday from investors including Central Capital Ventura, the corporate venturing arm of financial services firm Bank Central Asia.
Growth equity firm Anthos Capital led the round, which included accounting firm Cohen and Company, venture capital fund Outrun Ventures and unnamed existing shareholders.
Railsbank has created banking application programming interfaces (APIs) that enable enterprise customers to create and launch financial services platforms. Its customers include financial technology providers, telecommunications firms, supermarket chains and direct-to-consumer brands.
The company will use the cash to increase its embedded finance offerings, which include banking-as-a-service, cards-as-a-service and credit-as-a-service products across European, Asia-Pacific and North American markets.
MiddleGame Ventures and Ventura Capital co-led a $37m round for the company in November 2020, investing alongside property developer Mitsui Fudosan, Anthos Capital, Global Brain, Clocktower Technology Ventures, Moneta VC and Firestartr.
Payment services firm Visa and Global Brain had supplied several million dollars seven months before. Moneta VC led Railsbank’s $10m series A round, in 2019, which included insurer Singapore Life, digital lender CreditEase, Clocktower Technology Ventures and returning investors including Firestartr.
The company had closed a $1.2m seed round two years earlier that was led by Firestartr and backed by Kima Ventures and individuals including Peter Jackson, Tim Levene and Phillip Riese.
