London fintech Railsbank has raised $70 million in a recent funding round as it further expands services across the European, Asia Pacific, and North American markets. The round was led by Anthos Capital, with participation from Central Capital, Cohen and Company, and Outrun Ventures. While not specifically named, Railsbank reports existing investors also participating. To date, the fintech has raised $121.4 million.

Founded in 2016 Railsbank offers a number of embedded finance products, including Banking as a Service, Cards as a Service, and Credit as a Service. The platform provides the underlying technology for a number of other fintechs, Plaid for example, and is also in use by telcos, supermarkets, and consumer brands. Using an API building block approach, Railsbank allows companies or brands to prototype, build, launch and scale any financial use case.

By being a regulated financial institution and principle card issuing member for both Visa and Mastercard, Railsbank customers are able to bypass a cumbersome industry legacy infrastructure.

“Think of Railsbank as being the financial services layer of the Internet,” explains co-founder and CEO Nigel Verdon. “Too much of the current global financial services system is made up of aging legacy technology and operational processes, making it unnecessarily complicated, highly expensive and nearly impossible for innovators to create the ‘Spotify’ of financial services.”

“I speak to dozens of founders every week and I’ve rarely gone through a week where a company doesn’t tell me that they are working with Railsbank,” comments Outrun Ventures’ Chris Adelsbach. “When I asked them ‘why’, their collective responses gave me the conviction to make a later stage investment. Embedded finance makes financial services far more accessible for customers and Railsbank has a solution that is in a league of its own.”

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