Bank of London (clearing bank) Launches as UK's 6th Principal Clearing Bank

The Bank of London has made a significant move by launching as the UK's 6th Principal Clearing Bank, a major milestone in the country's financial landscape.

This new development brings the total number of Principal Clearing Banks in the UK to six, marking a significant shift in the country's clearing infrastructure.

The Bank of London's entry into this role is a testament to its growing reputation as a trusted and reliable financial institution.

With this new role, the Bank of London will play a crucial part in facilitating the smooth settlement of payments and securities across the UK.

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The Bank of London has made history by becoming the first pre-revenue bank to receive 'unicorn' status upon debut, with a valuation of $1.1 billion.

This new clearing bank has been in the making for over four years, with a team of industry pioneers and global leaders working together to build and validate game-changing technologies and innovations.

The Bank of London is uniquely positioned to provide innovative solutions that enhance the interconnected global financial system, boasting a $1.1 billion valuation and an objective to power the borderless economic infrastructure of the future.

It's the second new clearing bank in over 250 years, and the sixth principal clearing bank in the UK, with plans to hire 3,000 people across the UK, EU, and North America over the next five years.

The bank has raised $120 million to date, with its latest $90 million round led by ForgeLight, and follow-on investment from 14W Venture Partners and Mangrove Capital Partners.

The Bank of London aims to disrupt the existing clearing services, offering cheaper, faster, and safer versions of payments clearing, compliance, and cross-border transactions.

With a focus on innovation, the bank is leveraging its leading-edge proprietary technology innovations to remove unnecessary risk, unlock liquidity, and deliver revolutionary products and services at significantly lower costs.

The bank's chairman, Harvey Schwartz, a former president and chief operating officer at Goldman Sachs, believes that The Bank of London is purpose-built, culturally, and technologically, to provide innovative solutions that enhance the global financial system.

The bank's founder and group chief executive, Anthony Watson, has said that the team has spent over four years working quietly in the background to bring together veteran banking experts, leading creative innovators, and visionary technologists to build and validate truly game-changing technologies and innovations.

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The Bank of London was founded by Anthony Watson.

In 2021, Harvey Schwartz was appointed as Group Chairperson and Non-executive Director.

The bank's executive team spent four years developing proprietary technology before launching, allowing them to enter the market with a valuation of $1.1 billion.

The bank became the first pre-revenue bank to achieve 'unicorn' status, a remarkable feat.

Within weeks of opening, the bank raised $120 million in funding.

Its funding within the first month put it within the UK's top 10 most valuable fintech firms.

The bank uses cloud-based core banking technology and a software as a service (SAAS) delivery model.

In June 2022, the bank announced plans to open an office in Belfast, capitalizing on the city's high concentration of fintech employment.

The office opened on 17 August 2022, with the Economic Minister of Northern Ireland visiting on the opening day.

In February 2023, the bank secured an additional $40 million as part of its Series C funding.

The investors in this round included Mangrove Capital Partners, 14W Venture Capital, and ForgeLight Investment Funds.

On 5 September 2024, HMRC petitioned to wind up the bank's parent holding company, but this was later resolved when the bank paid all its taxes.

The Bank of London launches with a bang, entering the market with a $1.1 billion valuation, making history as the first pre-revenue bank to receive 'unicorn' status upon debut.

The bank boasts a valuation of $1.1 billion, which immediately ranks it in the UK's top 10 most valuable FinTechs.

The Bank of London has raised $120 million to date, with its latest $90 million round led by ForgeLight, and follow-on investment from 14W Venture Partners and Mangrove Capital Partners.

Its funds raised have enabled the bank to hire a team of industry pioneers and a board of global leaders, who are committed to powering the borderless economic infrastructure of the future.

The bank is the second new clearing bank in over 250 years, and it's expected to create over 3,000 jobs across the UK, EU, and North America over the next five years.

The Bank of London has already held advanced talks with regulators in the European Union and North America as part of its international growth strategy.

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The bank's executive team, led by founder and group chief executive Anthony Watson, has spent over four years working quietly in the background to build, patent, and validate truly game-changing technologies and innovations.

The Bank of London will enter the marketplace with three distinct market offerings, including global clearing and settlement.

The Bank of London is a clearing bank that offers a range of services, including cash and value transfer services.

As a clearing bank, the Bank of London plays a crucial role in facilitating the transfer of funds between banks, allowing customers to access their money efficiently.

The bank's operations are designed to be efficient and secure, with a focus on providing fast and reliable services to its customers.

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The Bank of London has officially opened its doors as the UK's sixth principal clearing bank, boasting a $1.1 billion valuation and a mission to power the borderless economic infrastructure of the future.

This historic moment marks only the second new clearing bank in over 250 years, and the bank is already making waves with its ambitious plans to disrupt the traditional clearing and settlement process.

The Bank of London has raised $120 million to date, with its latest $90 million round led by ForgeLight, and follow-on investment from 14W Venture Partners and Mangrove Capital Partners, with additional investment committed over 18 months.

Over 3,000 people across the UK, EU, and North America are expected to be hired by the bank over the next five years, with the majority of the hires initially made in the UK.

The bank's founder and group chief executive, Anthony Watson, has stated that the bank has spent over four years working quietly in the background to bring together veteran banking experts, leading creative innovators, and visionary technologists to build game-changing technologies and innovations.

The Bank of London is uniquely positioned to provide innovative solutions that enhance a vital portion of the interconnected global financial system, and is innovating at its financial system's core to serve its clients with a safer, faster, more cost-efficient, and effective set of service offerings.

The bank plans to offer three distinct market offerings, including global clearing and settlement, and aims to take on established banks in the market for clearing and settlement, offering cheaper, faster, and safer versions of these clearing services.

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London is home to some of the world's most prestigious banks, including HSBC, Barclays, and Royal Bank of Scotland.

These banks operate within the city's financial district, known as the Square Mile, which is a major hub for international trade and finance.

The London Stock Exchange is also located in the city, providing a platform for companies to raise capital and for investors to buy and sell shares.

London's banks are required to adhere to strict regulations, such as those set out by the Financial Conduct Authority (FCA) and the Prudential Regulation Authority (PRA).

The FCA and PRA work together to ensure that banks in London operate in a safe and sound manner, protecting both consumers and the stability of the financial system.

London's banks are also subject to anti-money laundering (AML) and know-your-customer (KYC) regulations, which help to prevent financial crime and ensure that banks only do business with legitimate customers.

The city's banks have implemented various measures to comply with these regulations, such as conducting regular customer checks and monitoring transactions for suspicious activity.

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