Railsbank to hit unicorn status showing BaaS & Embedded Finance is still hot 🦄; Polygon’s $450M raise to fund Web 3’s take on AWS 👀; Wirex goes live in the US. Can it make a difference there? 🤔

Good Morning FinTech, February 8

Good day Everyone,

And happy Tuesday! I hope Monday wasn’t too harsh for you. If you’re still trying to get up to speed, here’s a mix of 3 awesome FinTech stories you just cannot miss today:

Railsbank to hit unicorn status showing BaaS & Embedded Finance is still hot 🦄

Upcoming funding 💸 UK-based BaaS and embedded finance FinTech Railsbank has announced it is in the process of receiving $100M in a new round of funding, getting closer to its valuation of over $1B. In other words, it will soon join the unicorn club 🦄

The company provides open banking and embedded finance services and is in talks with investment bank FT Partners to receive the new round of funding. 

The USP 🥊 Founded in 2016, Railsbank offers a Banking-as-a-Service (BaaS) platform that builds APIs for entities who wish to offer financial products to their consumers and acts as a complete back-end solution for its clients.

Also, earlier this year, Railsbank entered into the buy now, pay later (BNPL) arena saying their BNPL solution would help retailers offer branded and fully integrated payments.