The Bank of London, a UK clearing bank, has failed to meet its deadline to file its 2023 accounts with Companies House, originally due by 31 December 2024. This delay follows a period of internal upheaval for the startup.
In a statement provided to tax expert Dan Niedle, the bank explained that its accounts are “currently being worked on by the Bank and EY, its auditors, as a matter of urgency and they will be filed with Companies House in due course.”
The Bank of London has faced mounting challenges, including a winding-up order issued by UK tax authorities in September 2024 over unpaid bills. This occurred just days after founder and then-CEO Anthony Watson stepped down. The bank attributed the payment failure to an “administrative error,” asserting that Watson’s departure was unrelated.
Following these events, the company announced it had secured £60 million in fresh funding, resulting in a new ownership structure led by Mangrove Capital Partners. The reshuffle brought a reconstituted board and a replacement for Watson as CEO. The bank cites these “fundamental changes” as a contributing factor to the delayed filing.
Established in 2021, The Bank of London operates in three key areas: challenging traditional banks in clearing and settlement services, offering transaction banking for corporate clients, and providing banking-as-a-service solutions for embedding payments into business products. Despite being loss-making, the bank has achieved notable milestones, signing up 4,500 businesses and accumulating £500 million in client deposits.
The delay has attracted industry attention. Reacting on LinkedIn, tax expert Dan Neidle remarked, “I look forward to seeing the FCA’s reaction.”
This latest development raises questions about the bank’s governance and regulatory compliance amidst its ongoing efforts to establish itself as a disruptor in the financial services sector.
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