Railsbank, the London-headquartered Banking-as-a-Service platform, has raised $37 million in new growth funding.
… co-founder and CEO of Railsbank, tells … 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.
Railsbank positions itself as a “utility” on which other companies — spanning fintech upstarts, challenger brands, to incumbent banks that want to re-factor their tech — can build and sell various financial services or add fintech features to their products.
“Our mission is to reinvent, unbundle and democratise access to the complex, opaque and byzantine 70-year-old credit card market, which is worth $4 trillion in the U.S. alone”.