Railsbank, a Banking-as-a-Service platform based in London, has secured $37 million in a new round of funding intended to support its growth.

The investment round was spearheaded by MiddleGame Ventures and Ventura Capital, both of which had previously invested in Railsbank. Additional participants in this funding include Anthos Capital, Global Brain, Clocktower Technology Ventures, Moneta VC, Mitsui Fudosan, and Firestartr.

According to Nigel Verdon, co-founder and CEO of Railsbank, the newly acquired capital will be allocated to the continued expansion of the fintech’s international presence and to ongoing product enhancements. These developments will encompass the introduction of “credit cards as a service” in the United States and an expansion of its product offerings within the APAC region, specifically targeting the Philippines, Indonesia, Malaysia, Australia, and Japan. The company will also focus on strengthening its position in existing markets like the U.K. and Europe.

Verdon also indicated that Railsbank remains open to potential mergers and acquisitions, including further strategic purchases building upon the acquisition of Wirecard’s U.K. operations.

When discussing the benefits of acquiring Wirecard, the Railsbank founder explained that it contributes to a stable market environment in the U.K. and Europe, and safeguards the standing of the fintech sector. Immediately, it enabled several million cardholders to continue using their cards, ensuring “customers could continue to operate their businesses with minimal disruption”.

He further noted that the acquisition brought valuable, highly skilled personnel from Wirecard into Railsbank, ultimately increasing the company’s “significant equity value”.

Railsbank describes itself as a foundational “utility” that enables other businesses – ranging from emerging fintech companies and challenger brands to established banks seeking to modernize their technology – to develop and market a variety of financial services or integrate fintech capabilities into their existing products.

During its Series A funding round, Verdon drew a comparison between Railsbank and Amazon’s AWS, highlighting the latter’s impact on data centers. He stated, “Railsbank is a utility for the complete financial services backend: platform, connectivity, operations, scheme memberships (such as Visa), regulation, and compliance.” More recently – and in line with current fintech trends – Railsbank has also been promoting itself as a partner for embedded finance solutions.

The company emphasizes that its APIs provide the essential components for customers “to create virtually any financial application they envision. These applications are diverse, with the most prominent use cases revolving around lending, banking, and savings, all integrated into fintech, retail, telecommunications, insurance, and other customer experiences,” Verdon stated.

Specifically, Railsbank’s credit card as a service offering allows any company to provide a branded credit card utilizing the fintech’s infrastructure and technology. “Within less than 12 weeks, we can deliver a credit card branded for the customer, along with a user experience seamlessly integrated into their existing platform,” Verdon clarified.

“Our goal is to redefine, dismantle, and broaden access to the intricate, non-transparent, and complex 70-year-old credit card market, which represents a $4 trillion market in the U.S. alone”.

Currently, Railsbank has a team of over 200 employees who collectively speak more than 40 languages. The company maintains offices in 11 locations worldwide: Santa Monica (U.S.), Singapore, Vilnius (Lithuania), Munich (Germany), Newcastle (U.K.), London, Manila (Philippines), Kuala Lumpur (Malaysia), Melbourne (Australia), Vietnam, and Sri Lanka.