It also announces that it has opened an office in Singapore.

Railsbank is an API based financial innovation and growth platform, designed for developers and product managers to rapidly conceptualise, prototype, build, launch and scale a financial services business, whether it be in one country, or around the world.

The Railsbank platform is unique in that it goes beyond technology to also provide financial services operations and regulation for customers. Railsbank conceive of the platform as a “complete financial services utility” enabling any customer to build, launch and operate their financial services business rapidly and safely.

The money raised from this funding round will help Railsbank continue expanding its global capabilities into the USA, Australia and SE Asia and enhance its core product proposition from banking, payments and cards into APIs for other financial services including insurance and credit.

Railsbank’s new office in Singapore will act as a gateway in Southeast Asia and beyond. The initial team in Singapore have already been hired and more will be joining. Railsbank has also expanded its core engineering team in Vilnius, hiring new engineering teams in Vietnam and Sri Lanka.

Nigel Verdon, Co-Founder and CEO of Railsbank, said: “We are delighted to welcome our new investors who join our amazingly supportive investor list. Railsbank is at a key stage of its development and we are moving into a period of sustained expansion. Our industry leading products and highly skilled management team are being leveraged across a growing customer base, and we are continually being presented with opportunities on a global scale.”

“Our Singapore office is a central part of our expansion strategy. It will not only serve our existing client base, but will allow us to attract new customers in a region, which is experiencing huge growth in the financial services sector and will allow us to fulfil our social mandate of financial inclusion."

Meirav Har Noy, General Partner at Moneta Capital, said: “We share Railsbank’s vision for the democratization of the financial services industry via API’s. While API democratization has turned over industries such as payments, telephony and travel, it has not taken over the wider financial services industry, which is still painful for both developers and consumers. I am thrilled to invest in Railsbank as it transforms financial services and unleashes a massive new generation of innovation.”

Anju Patwardhan, Managing Partner at Creditease, said: "With strong regulatory tailwinds related to open banking and digital banking licenses, RailsBank's API platform is extremely well-positioned to help banks and fintech companies enable broader financial access for consumers and SMEs globally. RailsBank's financial APIs, along with its global partner network and the strong compliance platform, are synergistic for many of the fintech companies in our portfolio as they expand into payments and other financial products. We are very excited to be investors in RailsBank".

Walter de Oude, CEO SingLife, said: "Singlife is constantly looking to invest and support businesses that add value to the Singlife ecosystem, and Railsbank is a perfect example. The investment gives us access to the world's most cutting edge banking tech, accelerating the Railsbank development cycle and allows Singlife to propel our own tech propositions across SE Asia even further ahead of our competition. We are true believers in both the advantage that the Railsbank ecosystem brings and the leadership of Nigel, Clive and the team."

Ben Savage, Partner Clocktower Technology Ventures, said: “Over the next few years, the Railsbank team will build an infrastructure and utility layer on which a new future of fast, easy to deploy and inexpensive to operate financial services can be delivered and managed. Railsbank uniquely empowers its partners to deliver the compelling, accretive fintech experiences of the future that brands are looking to integrate into the center of their customer interactions. Through compliant and accessible APIs we believe Railsbank’s solution unlocks much broader distribution of next-generation financial services, for both incumbent financial institutions and challenger platforms. We are delighted to support Nigel, Clive and the rest of the exceptional Railsbank team in their vision of a frictionless financial ecosystem.”