Raphael built up a considerable wealth during the Napoleonic wars, and later diversified the business to include stockbroking, foreign banking and bullion broking.
[5] Successive generations of the Raphael family moved into public share issues, raising loans for European governments, and transactions in American railway stocks in Europe.
In 2014 the bank had an issue with inter-company transfers that resulted in a rare fine from the UK Prudential Regulation Authority.
[6] In early 2016, plans became public that PayPal would use Raphael Bank to offer Mobile Payment Services in Germany and in Italy, by integrating into the Vodafone Wallet.
The bank commented that while they were gradually withdrawing from other lending activities, they continued to maintain existing services.