The Bank of London, the “next-generation” technology company and the world’s first purpose-built global clearing, agency, and transaction bank, announced it has raised $40M, in an extension to its Series C funding, “bringing the company’s total raise to $160M.”
This investment round follows The Bank of London’s $90M Series C round, “which completed in the fourth quarter of 2021, demonstrating the company’s significant investor interest and growth trajectory.”
Anthony Watson, Group Chief Executive & Founder of The Bank of London, said:
“With the Bank of England’s Prudential Regulation Authority lifting the mobilization restrictions to our licence, The Bank of London is now officially the 6th principal clearing bank of the United Kingdom and only the second to launch in 250 years. The expansion of our Series C at a continued valuation of $1.1BN is a testament to the trust we are building at The Bank of London. Our investors believe in our vision to reshape banking for the betterment of all, powered by our unique patented technologies and our differentiated banking models.”
Mark Tluszcz, Managing Partner of Mangrove Capital Partners, Investor and Board Member of The Bank of London, said:
“The Bank of London is finally bringing true end-to-end SaaS to the financial services sector, powering other banks, fintech’s and non-financial services firms to build and launch financial products with a single, secure and modern SaaS platform, in full end-to-end regulatory compliance, powered by our universal bank license.”
Alex Zubillaga, Managing Partner of 14W Venture Capital, Investor and Board Member of The Bank of London, said:
“London is the world’s undisputed fintech capital – commanding more fintech investment than any other city on the planet – and The Bank of London, with its game-changing patented technologies, is by far the most transformative fintech in London.”
He continued:
“The fintech industry has simply not kept pace with consumer trends and the need for tech innovation, particularly in the B2B and wholesale space, creating significant demand for a developer-friendly wholesale clearing and transaction bank built on modern APIs, intuitive software and patented innovations”.
As covered, The Bank of London is “the sixth principal clearing bank of the United Kingdom, and only the second clearing bank to launch in 250 years.”
With a $1.1 billion valuation (attained in February 2023), it is “the first pre-revenue bank in history to sustain ‘unicorn’ status.”
Their mission is to be “the world’s best clearing bank, offering the first and fastest purpose-built global payments and clearing platform, fueling a more productive and resilient economy, powering the businesses and entrepreneurs of the future.”