The Bank of London scores $40 million Series C extension

The Bank of London scores $40 million Series C extension

Time Stamp: February 8, 2023 5:27 AM
Source Node: 1951310

The Bank of London, a global clearing and transaction banking startup, has raised $40M, in an extension to its Series C funding, bringing the company’s total raise to $160M.

The extension follows The Bank of London’s $90M Series C round, which completed in the fourth quarter of 2021

“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” says Anthony Watson, cheif executive and founder. “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.”

The Bank of London operates on three fronts: taking on established banks in the market for clearing and settlement; delivering transactions banking services for the corporate market; and fielding a banking-as-a-service offfering for companies wanting to embed payments in into their products.

Alex Zubillaga, managing partner of 14W Venture Capital, says: “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”.

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