In today’s top news in digital-first banking, Railsbank notched $70 million as it keeps growing its FinTech-as-a-Service platform on an international scale, while N26 is reportedly in fundraising talks that would value the firm at between $8 billion and $11 billion. Plus, FinTech Propel launched a mobile app that combines digital banking with government benefits management.
Railsbank landed $70 million as it keeps expanding its FinTech-as-a-Service platform on an international scale. Anthos Capital headed up the newest round of fundraising. Consumer brands to telecoms to grocery stores to FinTech firms can harness the bank’s platform to “radically improve” the manner in which individuals and small- to medium-sized businesses (SMBs) access, control and spend their funds, according to Railsbank.
N26 is in fundraising discussions that would value the FinTech in the range of $8 billion to $11 billion, but likely around $10 billion, according to a published report that cited unnamed sources. A Series D funding round for N26 in May of last year — through which the firm landed $800 million — valued it at $3.5 billion. The FinTech has grown its offering in recent times. It had 7 million users throughout Europe in addition to the United States in January, per a published report.
Propel, a FinTech that develops technology to assist lower-income Americans with managing their money, rolled out a new app called Providers that brings together digital banking with government benefits management. “We realized that providing information about government benefits was helpful, but it wasn’t enough,” Propel Founder and CEO Jimmy Chen said in an announcement. “With Providers, we’re giving all 5 million families we serve access to affordable, trusted banking so they can receive government benefits alongside their other income streams.”