The Bank of London, a global startup specializing in clearing and transaction banking, has successfully raised $40 million in an extension of its Series C funding, pushing the total amount raised to $160 million.
This extension follows a previously completed $90 million Series C round in the fourth quarter of 2021. Anthony Watson, the CEO and founder, stated, “With the Bank of England’s Prudential Regulation Authority lifting the mobilisation 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 $1.1 billion 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.”
The Bank of London focuses on three main areas: competing with established banks in the clearing and settlement market, providing transaction banking services for corporate clients, and offering banking-as-a-service solutions for companies looking to integrate payments into their products.
Alex Zubillaga, managing partner of 14W Venture Capital, commented, “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.”