The Bank of London Raises $40M Series C Extension

The Bank of London has topped up its Series C funding round with $40 million.

With the fresh capital, announced in a Wednesday (Feb. 8) blog post, the bank’s Series C now totals $130 million, retaining the $1.1 billion valuation received during the initial round in 2021. This brings its total fundraising to $160 million, per the announcement.

“The expansion of our Series C at a continued valuation of $1.1BN is a testament to the trust we are building at The Bank of London,” Anthony Watson, group CEO and founder at The Bank of London, said in the announcement. “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.”

Alex Zubillaga, managing partner of 14W Venture Capital, investor and board member of The Bank of London, added, “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.”

To that point, The Bank of London is attempting to combine the API first, “developer-friendly” approach of a FinTech, with the scale and security of a global clearing bank. As The Bank of London Group Chief Markets Officer Shaunt Sarkissian explained to PYMNTS in a recent interview, demand for stability and security in the money-moving market is high in 2023.

“To characterize 2023 in one word, it’s going to be choppy, it’s going to be volatile, and I think people are looking for stability,” he said.

Rather than bolting down and riding out the storm, however, Sarkissian’s advice to businesses was to continue innovating through the turbulence. “If you have the capital and you have the time, do things [so that] when the market does emerge more stably, you’re in a great position with the war chest of innovation that you can deploy,” he said.

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