Norbert Becker to lead The Bank of London in Europe

Norbert Becker finds himself on the front line as The Bank of London, already a unicorn in the start-up sense, aims to attack all markets. Photo: Matic Zorman/Maison Moderne/Archives

Norbert Becker finds himself on the front line as The Bank of London, already a unicorn in the start-up sense, aims to attack all markets. Photo: Matic Zorman/Maison Moderne/Archives

The Bank of London announced on 15 February that it has recruited Norbert Becker to head its European operations. Already valued at over $1bn, the fintech promises a unique triple play.

“The Bank of London is unique. Its products and services are going to change the game. I’m looking forward to joining this company in its first year and will be working closely with Anthony on its geographical expansion and the growth opportunities that Luxembourg and Europe more broadly can offer.”

Already chairman of the Grand Duke’s estate administration and chairman of the board of PayPal Europe, Norbert BeckerNorbert Becker is taking on a new role in helping The Bank of London find new European clients.

His more than 30-year career in the financial world will be invaluable to this financial UFO, which is already valued at more than $1bn, even though it has not yet begun to provide the slightest service. In a sign of unprecedented popularity--if we exclude Nick Odgen’s ClearBank, with its 200 customers, 13m bank accounts and $4bn in assets--the company, which is billed as the sixth clearing bank in the UK and the first in 250 years, intends to revisit the entire chain of money circulation, and to do so directly on a global scale.

Faster, cheaper

Clearing, provision of banking and financial services to businesses and an “as-a-service” platform for companies that want to integrate payments into their products: conceived by a former Barclays technology expert, Anthony Watson, who was soon joined by former Goldman Sachs chairman and co-chief operating officer Harvey Schwartz, The Bank of London wants to do it all, and do it much faster and cheaper, thanks to its unique technology platform. Based in the City, it is expected to recruit 3,000 people over the next five years, mainly in London, although it already has offices in New York, Charlotte (North Carolina), where it has set up a 350-strong technology hub, and Belfast.

According to our information, which has not been confirmed by the company, steps have already been taken with the CSSF and the Luxembourg authorities to obtain a Luxembourg licence for the European market.

“Less than 100 banks control the flow of money in, around, between and out of the UK, EU and US. Amazingly, 75% of the total money available in the world--just under $2.5 quadrillion--is basically controlled by a small club of banks. The risk this poses, so many years after the global financial crisis, is higher than ever,” explained the CEO, a City and Wall Street veteran whose career has taken him to Microsoft, Wells Fargo, Barclays Bank, Nike and Uphold.

$160m raised in two years

A week ago, The Bank of London raised a further $40m, an extension of the Series C, bringing the total amount already invested in the project to $160m. One of the first to believe in the project was Mangrove Capital Partners’ CEO Mark TluszczMark Tluszcz, now a member of the board.

“The Bank of London is finally bringing true end-to-end SaaS to the financial services industry, enabling other banks, fintech and non-financial services companies to create and launch financial products with a single, secure and modern SaaS platform, in full end-to-end regulatory compliance, powered by our universal banking licence,” commented the US-born Luxembourger.

This story was first published in French on Paperjam. It has been translated and edited for Delano.