Bank of London Valuation, Funding & Investors
Bank of London is valued at $1.1B as of February 2023.
Last Bank of London valuation
$1.1B
Series C · Feb 2023
Last Bank of London funding round
$56M
Undisclosed stage · Sep 2024
Cumulative funding Bank of London raised
$186M
across 3 funding rounds
Key investors in Bank of London
Mangrove Capital Partners
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14WForgeLight
About Bank of London
Bank of London is a United Kingdom-authorized clearing and transaction bank specializing in cross-border payments and agency services. Regulated by the Prudential Regulation Authority and Financial Conduct Authority, it serves as a principal clearer leveraging proprietary technology for compliant product launches in domestic and international markets. Headquartered in London, the firm processes real-time payments across multiple currencies and partners with fintechs to enhance economic infrastructure in emerging regions including Latin America and Africa.
Founded
2018
HQ
LondonWebsite
Status
Privately held
Customer focus
B2B
Revenue model
Services
Valuation
$1.1B (Feb 2023)
Bank of London Valuation
Bank of London is currently valued at $1.1B, based on its Series C in February 2023.
The $40M round was led by 14W and Mangrove Capital Partners, with participation from ForgeLight.
Bank of London's valuation has moved from $1.1B at its Series C in November 2021 to $1.1B in February 2023, across 2 priced rounds.
Bank of London valuation by funding round
| Date | Stage | Valuation |
|---|---|---|
| Feb 2023 | Series C | $1.1B |
| Nov 2021 | Series C | $1.1B |
Bank of London Funding History
Bank of London has raised a total of $186M across 3 funding rounds.
Bank of London's first fundraising round was a $90M Series C in November 2021. The most recent completed round was a $56M undisclosed-stage round in September 2024.
Bank of London funding rounds
| Date | Stage | Investors | Raised | Valuation | Deal Summary |
|---|---|---|---|---|---|
| Sep 2024 | Undisclosed stage | Mangrove Capital Partners (lead) | $56M | - | The Bank of London is a UK-based clearing bank and embedded banking service provider, established as one of only six new principal clearing banks in 250 years, offering secure deposit holding at the Bank of England, payment services, and SaaS platforms for financial products in regulatory compliance. In August 2024, it completed an oversubscribed funding round raising £42m (approximately $56.2m), led by Mangrove Capital Partners, with funds allocated to expand technological capabilities, enhance customer service for institutional clients, and double customer deposits which exceeded £500m that year and were projected to surpass £1bn by year-end. The bank also reached milestones of onboarding its 100th institutional client and serving over 4,500 clients total. This Series D round aligns with prior fundraising, including a $55m raise noted in September 2024 by some trackers, building on earlier rounds: Seed $10m in 2017, Series A $23m in 2019 led by Mangrove, Series B $40m in 2020 led by 14W, and Series C efforts culminating in extensions. Total funding across rounds reported between $185m and $215m. A $1.1bn valuation persisted from a 2023 Series C extension led by Mangrove and others, bringing total raised to $160m at that time. Investor confidence remains high despite challenges like resolved HMRC tax disputes and CEO transition from Anthony Watson to Stephen Bell. Mangrove Capital Partners, with prior investments in the bank and fintechs like Revolut, emphasized the bank's leadership and unique model. The bank positions itself to redefine financial services through patented technologies, targeting fintechs, banks, and non-financial firms in the UK's fintech hub. |
| Feb 2023 | Series C | 14W (lead); Mangrove Capital Partners (lead); ForgeLight | $40M | $1.1B | The Bank of London is a UK-based next-generation clearing bank and embedded banking service provider, designed as the world's first purpose-built global clearing, agency, and transaction bank. It offers developer-friendly wholesale clearing and transaction banking built on modern APIs, intuitive software, and patented technologies, targeting B2B and wholesale spaces for banks, fintechs, and non-financial firms. The bank became the sixth principal clearing bank in the UK after the Bank of England lifted mobilization restrictions on its license, only the second to launch in 250 years. In February 2023, The Bank of London raised $40 million in an extension to its Series C funding round from existing investors including 14W Venture Capital and Mangrove Capital Partners, bringing total funding to $160 million while maintaining a post-money valuation of $1.1 billion. This followed a $90 million Series C round completed in Q4 2021. The extension was described as oversubscribed, reflecting strong investor confidence in the bank's leadership, vision, and transformative fintech model despite challenges like tax disputes with HMRC, which were resolved as administrative delays. Key investors 14W and Mangrove highlighted the bank's potential to reshape banking through SaaS platforms for financial products in full regulatory compliance. Funds from prior rounds supported infrastructure, payment services, corporate banking, compliance, and embedded finance. Customer deposits exceeded £500 million that year, with expectations to surpass £1 billion by year-end. Total raised across rounds reached approximately $215 million by 2024, with ongoing growth in payments, embedded banking, and enterprise services amid leadership changes like founder Anthony Watson transitioning to senior adviser. |
| Nov 2021 | Series C | ForgeLight (lead); 14W; Mangrove Capital Partners | $90M | $1.1B | The Bank of London launched on November 30, 2021, as the UK's sixth principal clearing bank, only the second new clearing bank in over 250 years, with a mission to power borderless economic infrastructure using proprietary technology for near-instant settlement, risk reduction, and lower costs in clearing and transaction banking. Led by founder and CEO Anthony Watson and chairperson Harvey Schwartz, the bank entered the market with a $1.1 billion valuation, marking it as the first pre-revenue bank to achieve unicorn status upon debut. It raised $120 million to date, including a $90 million round led by ForgeLight with follow-on investments from 14W Venture Partners and Mangrove Capital Partners, plus additional commitments over 18 months, positioning it among the UK's top 10 most valuable fintechs. The funding supports ambitious hiring plans for over 3,000 people across the UK, EU, and North America over five years, primarily in the UK initially, alongside international expansion with advanced talks with regulators in the EU and US. The bank targets transformation in the neglected clearing and transaction banking sector, addressing pain points like failed payments costing the global economy over $118 billion in 2020, amid incumbents generating nearly $2 trillion in payments revenue per a 2021 LexisNexis report. Post-launch, the Bank of London continued raising capital, including a $40 million Series C extension in 2023 bringing total funds to $160 million, and later £57 million from Mangrove Capital with £25 million pledged, amid challenges like reported losses and regulatory scrutiny, while aiming to strengthen lending, credit, and mortgage services. |
Who has invested in Bank of London?
3 investors have backed Bank of London across its funding rounds, including Mangrove Capital Partners, 14W and ForgeLight.
Lead investors include Mangrove Capital Partners, 14W and ForgeLight.
Bank of London Investors
| Investor | HQ | Rounds | Role | First check |
|---|---|---|---|---|
 Luxembourg | 3 | Lead | Nov 2021 | |
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Start Free TrialBank of London Competitors
Bank of London competitors include listed companies like Fidelity Bank and Indian Energy Exchange, and private ones like Anchorage Digital, China Wanxiang Holding, Karvy Group and Post Trade Solutions.
| Company | HQ | Status | Revenue | EBITDA | Valuation | Revenue Multiple |
|---|---|---|---|---|---|---|
 San Francisco, CA | Private | $85M | - | $4.2B | 49.4x | |
 Nigeria | Publicly listed | $610M | - | $941M | 0.8x | |
 Hangzhou | Private | - | - | $819M | - | |
 India | Private | - | - | $214M | - | |
| India | Publicly listed | $64M | $63M | $1.1B | 13.3x | |
| London | Private | $128M | $21M | $1.1B | 8.8x |
Bank of London Public Comps
Bank of London is still privately-owned, but its public comps include Capitol Federal, Ajman Bank, NCB Financial Group, Five Star, Amen Bank, Metropolitan Bank Holding, Aktia Bank, CR Crédit Agricole Normandie-Seine, NCBA Group and İş Yatırım.
| Last FY | EV/Revenue | EV/EBITDA | ||||||
|---|---|---|---|---|---|---|---|---|
| Revenue | EBITDA | Last FY | LTM | 2027E | Last FY | LTM | 2027E | |
| $198M | - | 5.5x | 4.6x | - | - | |||
| $244M | - | 4.5x | 4.1x | - | - | |||
| $1.8B | - | 0.6x | - | - | - | |||
| $157M | - | 7.0x | 5.9x | - | - | |||
| $167M | - | 6.4x | 4.4x | - | - | |||
| $315M | - | 3.5x | 3.1x | - | - | |||
| $340M | - | 3.2x | 3.2x | - | - | |||
| $414M | - | 2.6x | - | - | - | |||
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Common questions about Bank of London
| When was Bank of London founded? | Bank of London was founded in 2018. |
| Where is Bank of London headquartered? | Bank of London is headquartered in London, United Kingdom. |
| Is Bank of London publicly listed? | No, Bank of London is a private, VC-backed company. |
| What is Bank of London's valuation? | Bank of London was last valued at $1.1B in its Series C in February 2023. |
| How much funding has Bank of London raised? | Bank of London has raised $186M across 3 funding rounds. |
| What was Bank of London's last funding round? | Bank of London's last funding round was a $56M undisclosed-stage round in September 2024, led by Mangrove Capital Partners. |
| Who are Bank of London's investors? | Bank of London's investors include Mangrove Capital Partners, 14W and ForgeLight. |
| Which companies are comparable to Bank of London? | Companies comparable to Bank of London include Anchorage Digital, Fidelity Bank, China Wanxiang Holding, Karvy Group, Indian Energy Exchange and Post Trade Solutions. |
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