The Bank of London, the UK’s newest clearing bank and one of only six established in the last 250 years, is pleased to announce that it raised £42 million during August in an over-subscribed funding round led by Mangrove Capital Partners.

This announcement comes shortly after the appointment of Stephen Bell as Chief Executive Officer, and the increased funding will position the bank for its next phase of growth in its core UK market.

The completion of the funding round also comes as the Bank of London celebrated two important milestones in its development. Customer deposits passed £500m in August, having more than doubled since the start of the year, and are on course to exceed £1 billion by the end of the year.

Meanwhile the bank successfully onboarded its 100th institutional client and has over 4,500 clients in total.

Stephen Bell said:

“Our banking model is built on security and simplicity. By holding deposits at the Bank of England, businesses have full confidence in their funds being available at all times. Our success in completing this £42 million funding round underscores investor belief and confidence in our vision, and I am excited to take over leadership of The Bank of London as it continues to grow.”

Mark Tluszcz, CEO, Mangrove Capital Partners, said:

“The Bank of London’s ability to close an over-subscribed £42 million funding round speaks to the confidence investors have in its leadership and unique model. The bank is well-positioned to redefine the future of financial services and we are more than happy to support it.”