Banking-as-a-Service (BaaS) platform Railsbank has secured $70m in fresh funding in a round led by Anthos Capital.

Several investors such as Central Capital, Cohen and Company and Chris Adelsbach’s new fund Outrun Ventures participated in the fundraising. The company’s existing investors also participated.

Railsbank will use the proceeds to support its international growth. It aims to expand its BaaS, Cards-as-a-Service and Credit-as-a-Service products across Europe, Asia Pacific and North America.

Railsbank CEO and co-founder Nigel Verdon said: “We are transforming the finance industry in the same way that Apple did to the music industry when they created iTunes.

“Too much of the current global financial services system is made up of ageing legacy technology and operational processes, making it unnecessarily complicated, highly expensive and nearly impossible for innovators to create the ‘Spotify’ of financial services.”

Outrun Ventures managing partner Chris Adelsbach said: “Outrun Ventures are thrilled to support Railsbank in their recent financing.

“I’ve had the benefit of being on the front-line of Railsbank as an early investor and Advisory Board member and have been incredibly impressed by their growth.”

Based in the UK, Railsbank’s open banking platform and APIs enable its clients to create financial services products.

In May, the company partnered with fintech firm Plaid to help its customers accept bank payments within their app or website.