Mandelson-backed Bank of London reveals £42m in fresh funding days after winding-up petition

Bank of London said customer deposits had grown to more than £500m last month and it had more than 4,500 clients. Photograph: Hollie Adams/Reuters

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.