The Bank of London has raised $40 million (£33m) in an extension to its Series C round.

Described as the world’s first purpose-built global clearing, agency and transaction bank, it takes the company’s total raise to $160m.

The Bank of London’s $90m Series C round 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 sixth principal clearing bank of the United Kingdom and only the second to launch in 250 years,” said Anthony Watson, group CEO and founder.

“The expansion of our Series C at a continued valuation of $1.1 billion 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.” 

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In 2017 ClearBank became the first new UK clearing bank in 250 years.

Investors and board members at The Bank Of London heaped praise on its technology.

“The Bank of London is finally bringing true end-to-end SaaS to the financial services sector, powering other banks, FinTechs and non-financial services firms to build and launch financial products with a single, secure and modern SaaS platform, in full end-to-end regulatory compliance, powered by our universal bank licence,” said Mark Tluszcz, managing partner of Mangrove Capital Partners. 

Alex Zubillaga, managing partner of 14W Venture Capital added: “London is the world’s undisputed FinTech capital – commanding more FinTech investment than any other city on the planet – and 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.”

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