British fintech is on verge of funding round that would value it at over $ 1bn , according to UK news reports

Sky News reports that Railsbank has hired US-based FT Partners to raise a new funding round worth $ 100m .

That could be enough to secure elusive ‘ unicorn ’ status for the British fintech , valuing it at more than $ 1bn .

Founded in 2016 by co-founders Nigel Verdon and Clive Mitchell , Railsbank provides the technology for businesses to rapidly scale and become fintechs .

Verdon , a serial entrepreneur and foreign exchange expert , had previously hinted that Railsbank ’ s valuation could be close to $ 1bn .

Were it to go ahead as reported , the latest funding round would be twice the size of its biggest round to date last July . It raised £ 50.5m in Series B funding led by Anthos Capital .

In total , the company has raised more than $ 120m over nine funding rounds , according to insights company Crunchbase .

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