Fintechs raise $870 million in the latest round of funding

VCs this year have already poured over $3.73 billion in startup funding to commercial payments fintechs.

This week, UK based open banking platform, Railsbank has raised $70 million in its latest round of funding. The funding was led by Anthos Capital and other investors included Central Capital, Cohen and Company, and Outrun Ventures while existing investors also participated.

The company in its press note said it will use this funding towards further expansion of its embedded finance products such as banking as a service, cards as a service, and credit as a service across Europe, the Asia Pacific and North America.

According to the company, its services and products are used by fintechs, telcos, supermarkets and consumer brands and the company noted that it is a regulated financial institution as well as a principal card issuing member of Visa and Mastercard.

While another UK based fintech, Revolut raised $800 million in its series E funding round and it onboarded two new investors which are SoftBank Vision Fund 2 and Tiger Global Management. The company valued its business at $33 billion.

In its statement, the company notes that the funding would enable them to fund its growth plans and it will also support its expansion ‘offering to US customers and its entry to India and other international markets’.