New UK clearing bank debuts with $1.1B valuation

A new clearing bank has launched in the U.K. with a valuation of $1.1 billion.

The Bank of London, founded and helmed by Anthony Watson, said it raised $90 million from its recent funding round led by U.S.-based investment company ForgeLight LLC. In total, it has raised $120 million to date.

The company is the U.K.'s sixth principal clearing bank and is the second clearing bank to launch in the country in more than 250 years, it said in a Nov. 30 statement.

It will offer global clearing and settlement, global transaction banking and global agency banking services.

The Bank of London plans to hire more than 3,000 staff across the U.K., the EU and North America over the next five years, and it is in advanced discussions with regulators in the EU and North America as part of its international growth strategy.

Watson's previous roles include serving as chief information officer for Europe, the Middle East and global operations at Barclays Bank PLC.