Railsbank raised $37 million in additional funding but fintech funding remained stagnant in quarter 3. The London-based fintech raised the capital to lean into its rapid growth and expansion this past year.
In July, amid unprecedented economic uncertainty, the U.K.-based banking-as-a-service provider announced plans to expand its services in the U.S. The fintech partnered with Unifimoney, a neo-bank that targets high-earning professionals.
Railsbanks plans to use the recently raised capital to launch a credit card-as-a-service product in America. Railsbank will target the $3.8 trillion American credit card market with its CCaaS. In addition, it has a goal to expand to APAC.
"Fintech has changed the face of much of the banking industry, but to date, the credit card market has be...