Founded in 2015, RailsBank is a BaaS banking and compliance platform designed to connect a global network of partner banks with businesses who want API access to global banking.
The platform simplifies on-boarding services and offers access to services such as creating digital ledgers, connecting digital ledgers to real bank accounts, issuing IBANs for ledgers, receiving money, sending money, converting money (FX), collecting money (direct debit), issuing cards and managing credit via the API, enabling banks and business customers to transact business digitally and in a compliant way.
In September 2019 a deal led by Moneta Capital for $10 million of a Series A venture funding will be used to further expand beyond Europe, including the U.S., Australia and South East Asia.
Founders: Nigel Verdon (CEO), Clive Mitchell (COO)
Most Recent Financing Status (as of 21-Jun-2021)
The company raised $37 million of venture funding in a deal co-led by MiddleGame Ventures, 31Ventures and Ventura Capital on November 12, 2020. Mitsui Fudosan, alongside 5 other investors also participated in the round. The funding will be used to continue to expand the company's global footprint, further strengthen its core product proposition, and launch Credit Cards as a Service.
BaaS, Open-Banking, API platform