Bank of London (clearing bank)

The Bank of London is a British clearing, correspondent and wholesale bank operating in the United Kingdom, the United States and Europe. The bank was founded by Anthony Watson. In 2021, Harvey Schwartz was appointed as Group Chairperson and Non-executive Director. The bank launched on 30 November 2021 and in doing so became the UK's sixth clearing bank.

History
The executive team spent four years prior to the bank's launch creating proprietary technology which allowed them to enter the market with a $1.1 billion valuation. It became the first pre-revenue bank to achieve 'unicorn' status. The bank had raised $120 million in funding within weeks of opening for business. Its funding within its first month put it within the UK's top 10 most valuable fintech firms. In December 2021, it was in talks with three additional investment firms to raise additional funding.

The bank uses cloud-based core banking technology and a software as a service (SAAS) delivery model. The bank's goals are to take on established banks in the market for clearing and settlement, deliver global banking transactions for the corporate market, and to provide SAAS to assist companies in embedding payments into their products.

In June 2022 the bank announced it was to open an office in Belfast, in order to capitalize on Belfast's high concentration of fintech employment. The office opened on 17 August 2022, with the Economic Minister of Northern Ireland, Gordon Lyons, visiting on the opening day.

In August 2022 the bank announced it would be creating a technology hub in Charlotte, North Carolina. It has signed an 11-year lease for 40,000 sqft in Uptown Charlotte in 101 Independence Center to house 350 staff. The bank chose Charlotte for its talent pool and ranking as the second-largest banking city in the US behind New York City.

In February 2023, the bank secured an additional $40 million as an extension to its Series C funding. Investors of this round were Mangrove Capital Partners, 14W Venture Capital, and ForgeLight Investment Funds.