BaaS platform Railsbank has raised $37mn in its latest round of funding.
In Brief:
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The round was led by existing investors MiddleGame Ventures and Ventura Capital.
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The platform was founded in 2016 and offers embedded finance to other companies.
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It will use the funding to launch a credit card service and expand globally.
What does this mean?
Railsbank has been increasingly recognised recently for its service offering since some of the companies who had previously relied on Wirecard moved over to Railsbank. BaaS itself is growing as firms increasingly turn to other providers for their financial products so they can focus on other aspects of their business.
