The extended funding round, jointly led by Mangove Capital Partners and 14W Venture Capital, with follow-on investment from ForgeLight, follows the Series C round closed in the fourth quarter of 2021
The Bank of London secures $40m. (Credit: PublicDomainPictures from Pixabay)
UK-based clearing, agency, and transaction bank, The Bank of London, has raised $40m in an extended Series C funding round, which brings the company’s total investment to $160M.
The extended funding round follows the Series C round closed in the fourth quarter of 2021, when the bank raised $90m at a $1.1bn valuation.
It was jointly led by Mangove Capital Partners and 14W Venture Capital, with follow-on investment from ForgeLight, who led the previous investment round.
Mangrove Capital Partners managing partner Mark Tluszcz 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.”
14W Venture Capital managing partner Alex Zubillaga said: “The Bank of London, with its game-changing patented technologies, is by far the most transformative fintech in London.”
“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.”
The Bank of London is a principal clearing bank in the UK, authorised by the Bank of England’s Prudential Regulatory Authority, and regulated by the Financial Conduct Authority (FCA).
It is the UK’s sixth principal clearing bank, and the first pre-revenue bank with a $1.1bn valuation.
The bank aims to offer the first and fastest purpose-built global payments and clearing platform, powering the businesses and entrepreneurs of the future.
Driven by advanced technology, the bank serves banks, clearing houses, digital and traditional asset firms, governments, and financial services companies.
It helps local and global fintechs, payment networks and non-financial brands seeking to launch fully compliant financial products and services.
The Bank of London Group chief executive and founder Anthony Watson said: “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 $1.1BN 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.”