Bank of London, a global startup in the field of clearing and transactional banking services, has raised $40 million as part of a Series C funding expansion.

Source: Pixabay.com

After receiving additional financing, the total amount of funds raised by the Bank of London amounted to $160 million. The raising of new funds followed a $90 million Series C round that ended in the fourth quarter of 2021

Anthony Watson, executive director of the startup, says that after the Prudential Regulation Authority of the Bank of England lifted restrictions on mobilization from the license of a financial institution, the Bank of London officially became the sixth main clearing bank of the United Kingdom and second launched in the last 250 years.

The executive director also said that the expansion of Series C with a continuing valuation of $1.1 billion is evidence of the trust won by the Bank of London. He also noted that investors believe in the efficiency of the startup’s concept of modernizing the banking sector to achieve maximum benefit from this area for society.

Anthony Watson stressed that financial institution is moving towards the goal, of using unique patented technologies and differentiated banking models.

Currently, the Bank of London is focused on carrying out activities in three directions. The startup closely interacts with well-known banks in the clearing and settlement market. The financial institution also provides transaction banking services for the corporate market. Another area of activity is banking as a service for companies wishing to introduce payments into their products.

Alex Zubillaga, a managing Partner at 14W Venture Capital, says that the pace of innovation in the fintech industry is lower than the growth rate of consumer modernization needs. He noted that this problem is especially noticeable in the areas of B2B and wholesale trade.

As we have reported earlier, Partech Raises $262M to Invest in African Tech Companies.