/start ups

News and resources on fintech start-ups, scale-ups, hubs, accelerators, VCs and funding worldwide.

The Bank of London amasses £300 million in client deposits in first five months

Source: The Bank of London

The Bank of London has swiftly emerged as the UK’s fastest-growing challenger bank ever, amassing an impressive £300m in client deposits since welcoming its first clients in April 2023 – a short 5 months ago.

Anthony Watson CBE, Group Chief Executive & Founder of The Bank of London, said, “We exited AWR (regulatory restrictions) in February 2023, and onboarded our first client in April 2023 — a mere 5 months ago — and we've been inundated with demand since. Our emphasis on safer banking is resonating deeply with businesses in Britain, which, for too long, have been under-served by both heritage banking incumbents and the more recent challengers.”

“As only the second clearing bank authorised in over 250 years, we embarked on a mission to provide businesses with a safer banking model, a bank that is not impacted by risk of traditional ‘bank runs’. The reception we've received thus far speaks for itself, which is beyond encouraging. This marks just our initial journey, and we are eager to establish ourselves as pivotal players, not only within the UK but also internationally.”

The Bank of London is Britain’s safest bank. It doesn't lend, invest, or leverage client deposits like other banks do, so is not impacted by risk of traditional 'bank-runs'. The bank simply secures and holds all client deposits in full and unencumbered at the Bank of England, always keeping them fully available upon demand.

Comments: (0)