The Bank of London Files EU Banking Licence Application

The Bank of London, a global clearing and transaction banking startup, has applied for a European banking licence and committed to a €200 million investment and the hiring of 300 people in Luxembourg over the next five year.

The formal application has been jointly lodged with the European Central Bank and Commission de Surveillance du Secteur Financier (CSSF) in Luxembourg.

Anthony Watson, group chief executive & founder of The Bank of London, says: "Luxembourg is the logical choice for us to build out our offering across the EU, and marks the latest step in our international growth strategy and follows the successful rollout of our banking solutions across the UK."

Expansion into the EU will provide the firrm with a base in three of the world's major trading blocs, with Luxembourg joining established hubs in London, New York and Belfast.

The Bank of London last raised $40 million in an extension to its $90 million Series C round in February this year.

(Source: Finextra)