Mandelson-backed Bank of London reveals £42m in fresh funding days after winding-up petition
by Kalyeena Makortoff Banking correspondent from World news | The Guardian on (#6QK4Y)
Clearing bank's future was thrown into question by HMRC action over unpaid taxes last Thursday
The Bank of London, the fledgling clearing bank backed by the Labour grandee Lord Mandelson, has announced it has raised another 42m from investors days after being hit by a winding-up petition by tax authorities.
The financial company said the oversubscribed funding round closed in August, and was led by Luxembourg's Mangrove Capital Partners. Mangrove is an existing investor known for backing companies such as Skype. Its chief executive, Mark Tluszcz, sits on the BoL board.
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