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The Bank of London, a global clearing and transaction banking startup, has submitted an application for a European banking licence and has committed to investing €200 million and hiring 300 employees in Luxembourg over the next five years.
The formal application was jointly filed with the European Central Bank and the Commission de Surveillance du Secteur Financier (CSSF) in Luxembourg.
Anthony Watson, Group Chief Executive & Founder of The Bank of London, stated, “Luxembourg is the natural choice for us to expand our services across the EU, and this marks the next step in our international growth strategy following the successful implementation of our banking solutions in the UK.”
By expanding into the EU, the company will establish a presence in three major global trading blocs, with Luxembourg joining its existing hubs in London, New York, and Belfast.
Earlier this year, The Bank of London raised $40 million as an extension to its $90 million Series C funding round in February.
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