The Bank of London bags $40m in Series C extension
UK clearing bank The Bank of London has raised $40 million in a Series C extension round at a sustained valuation of $1.1 billion.
The funding round was co-led by Mangrove Capital Partners and 14W Venture Capital, with follow-on investment from ForgeLight.
The extension follows the company’s $90 million Series C funding round held in Q4 2021 and brings its total capital raised to date to $160 million.
“With the Bank of England’s Prudential Regulation Authority lifting the mobilisation restrictions to our licence, The Bank of London is now officially the sixth principal clearing bank of the United Kingdom and only the second to launch in 250 years,” says Anthony Watson, group chief executive and founder of The Bank of London.
Mark Tluszcz, managing partner of Mangrove Capital Partners and board member at The Bank of London, says the firm brings “end-to-end SaaS to the financial services sector” and powers “other banks, fintechs and non-financial services firms to build and launch financial products”.
The company appointed a number of senior executives over 2022, including former Silicon Valley Bank exec Gavin Hewitt as chief financial officer (CFO) and 10x Banking’s Phil Knight as group chief technology officer (CTO) and group chief information security officer (CISO).