Bank of London Raises £42 Million Amid Tax Dispute

The Bank of London has successfully raised £42 million in an over-subscribed funding round led by Mangrove Capital Partners, despite recently facing a winding-up petition from HMRC over unpaid taxes, which has since been settled. The funding is intended to support the bank's growth in the UK and follows the appointment of Stephen Bell as the new CEO, succeeding founder Anthony Watson, who has transitioned to a senior advisory role. The bank celebrated significant milestones, including surpassing £500 million in customer deposits and onboarding its 100th institutional client. Investors have expressed confidence in the bank's leadership and innovative banking model, which prioritizes security by holding deposits at the Bank of England. The Bank of London, established in 2021, aims to redefine financial services and has amassed a client base of over 4,500 businesses. This financing round comes as the bank strengthens its governance practices and aims to restore customer confidence following the recent challenges.