The Bank of London has scooped $40m (£32.9m) in a Series C extension round from its existing investors, at a valuation of $1.1bn (£905.7m) which means it maintains its unicorn status.
The Bank of London is a clearing bank, which means it clears transactions between other banks. Its new funding follows its $90m Series C round that took place in 2021.
Anthony Watson, group chief executive and founder of The Bank of London, 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 sixth principal clearing bank of the United Kingdom and only the second to launch in 250 years”
The first clearing bank to achieve this accreditation was London-headquartered competitor ClearBank.
Speaking to UKTN, a Bank of London spokesperson said that Harvey Schwartz, who was appointed as the CEO of Carlyle this week, will remain chairperson.
Alex Zubillaga, managing partner of 14W Venture Capital and Bank of London board member, said: “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”
Headquartered in London, the bank has further offices in Belfast, New York and North Carolina.
In December, Marc Jenkins joined The Bank of London as CFO from rival fintech ClearBank.
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