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Analysis: Cardano (ADA) strong bullish sentiment indicates new ATH
The entire crypto industry was trying to make a comeback after its recent crash. While the over crypto…
London-based Railsbank, a company which facilitates connections between banks and fintech firms, completed its latest growth funding round worth $37m.
MiddleGame Ventures and Ventura Capital, which are existing investors, led this funding round. A few new VCs also participated in this round – Anthos Capital, Global Brain, Clocktower Technology Ventures, Moneta VC, Mitsui Fudosan and Firestartr.
Railsbank CEO Nigel Verdon stated that the company plans to use these funds to expand their business into more markets. The company is willing to explore more business in the APAC region, targeting pre-existing markets like the Philippines, Malaysia, and Australia. Moreover, Railsbank would launch new products like ‘credit card-as-a-service’, which is expected to pioneer in the USA soon.
Currently, the company dabbles in all forms of technology that are eligible to facilitate financial activity. Notably, it deals with services like Banking-As-A-Platform (BaaP), Banking APIs, Compliance Technology, Ledger Technology, Risk Technology, etc.
It is noteworthy that Railsbank featured in the 2020 Accel Euroscape list, which names the top 100 European and Israeli SaaS firms.
Currently, the BaaP provider aims to consolidate its space in the fintech market, with plans for more M&A activity using the latest funding. Already, the company is speculated to be targeting Wirecard for an acquisition.
CEO Verdon has extravagant plans for the US market. He said, “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”.
At the core of Railsbank’s offering is that its APIs can be used as building blocks for any fintech operation. The skeleton provided by Railsbank can be easily used to build a platform focused on lending, savings, and other banking activities. These fundamental activities can be employed in most industries – fintech, retail, telco, insurance, etc.
