Emily White, President of Anthos Capital who also sits on the board of Lululemon and is a former Snapchat COO and Instagram COO, has just backed leading fintech platform Railsbank.
White took part in the latest Railsbank equity funding round which saw it raise US$37m to support its global growth and product expansion.
MiddleGame Ventures and Ventura Capital, both existing investors in Railsbank, co-led the round, with Anthos Capital, Global Brain, Clocktower Technology Ventures, Moneta VC, Mitsui Fudosan and Firestartr also participating.
White was upbeat about investment, telling Next Money: “Railsbank is revolutionising access to financial products by enabling non-bank companies to deliver innovative solutions to their customers. We’re thrilled to partner with an exceptional team and support their global expansion.”
Railsbank said the new investment will enable Railsbank to continue to expand its global footprint, further strengthen its core product proposition, launch Credit as a Service and help increase its lead in the embedded finance market.
Railsbank enables start-ups and established brands to prototype, launch and scale financial products within their own customer experience.
The latest round adds to the previous funding round of US$10 million in September 2019 from Moneta Capital, which led the round alongside CreditEase, Clocktower Technology Ventures, Singapore Life, and a number of existing investors such as Firestartr. Visa and Global Brain joined the round a few months later.
Nigel Verdon, co-founder and CEO of Railsbank, said: “We are thrilled to have the support of world-class investors who bring a highly strategic network to help us continue with the vision that Clive, my co-founder and I, started with in 2016.
“Over the past four years, we have built a global winning team and expanded our product into credit and data-driven insights, enabling any fungible product, such as money, digital assets, kilowatt hours, gas units, carbon credits, reward points, telco minutes, to be spent as money.”
Justin Xiao, COO for SE Asia, Railsbank, talking about Railsbank in Singapore, added: “South East Asia is home to some of the most vibrant and forward-looking economies. The growth in fintechs is powered by local and regional micro and macro trends, such as regulators changing the rules on banking, and increasing the adoption of super apps and e-wallets. This has inspired our partners and customers to rethink the fintech possibilities of their business and consider where they are aligning with Railsbank’s vision of embedded finance: enabling any business to embed financial services directly into their own customer experience. It is in SE Asia where fintech will be fully embraced and where it will lead to a more financially inclusive society.”
Mo El Husseiny, Ventura Capital, said on the latest fundraise: “Ventura Capital is delighted to be the largest investor in this investment round, a commitment made on the strength of Railsbank’s clear technology leadership in the space, and Nigel and the executive team’s deep experience of the traditional global financial system. We expect Railsbank to be the category winner in Banking as a Service due to their beautifully scalable global business model and the winning client interviews we have initiated. We are absolutely excited to embark on the next phase of Railsbank’s growth and will remain a supportive shareholder for future capitalisation opportunities.”
Michael Meyer, co-managing Partner of MiddleGame Ventures, added: “We are proud to be supporting the best team in Open Finance. Nigel, Clive and team are building a unique high-growth company that embodies the essence of what my partner Pascal Bouvier first identified in 2016 with his blog post on “Banking as a Service/Platform”. We connected with Nigel then as a two-person start-up with explosive potential, hosted Nigel and Clive in our accelerator, and have supported Railsbank from the beginning. We look forward to exponential growth, particularly with our advice on US and European strategies.”