The Bank of London, a global clearing and transaction banking startup, has applied for a European banking license and plans to invest €200 million and hire 300 employees in Luxembourg over the next five years.
The formal application has been submitted to both the European Central Bank and the Commission de Surveillance du Secteur Financier (CSSF) in Luxembourg.
Anthony Watson, group chief executive and founder of The Bank of London, stated, “Luxembourg is the logical choice for us to build out our offering across the EU, and marks the latest step in our international growth strategy following the successful rollout of our banking solutions across the UK.”
Entering the EU will enable the firm to establish a presence in three of the world’s major trading blocs, with Luxembourg joining its existing hubs in London, New York, and Belfast.
Earlier this year, The Bank of London secured $40 million as part of an extension to its $90 million Series C funding round in February.