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Railsbank raises $70M to build out its fintech-as-a-service platform

Financial services-as-a-service — where entities like neobanks, retailers and others can create and sell their own financial products by way of a few lines of code and APIs — has been one of the bigger trends in the world of fintech in recent years, with embedded finance on its way to being a $7.2 trillion market by 2030, according to forecast from Bain Capital. Now, one of the companies building and providing those APIs is announcing some growth funding to expand.
Railsbank, which builds APIs for banking, payment cards and credit products for use by fintechs but also a wide range of other kinds of businesses, has raised $70 million in new equity funding, money that the London startup plans to use to continue growing internationally and to add more features to its product set.
“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,” Nigel Verdon, CEO and co-founder of Railsbank, told TechCrunch in an interview last year. Verdon is a repeat entrepreneur, with one of his previous companies being Currency Cloud.
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