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Bank of London under investigation by PRA amid financial uncertainty and governance overhaul

15 May 2025
in Business
Reading Time: 3 mins read
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Bank of London under investigation by PRA amid financial uncertainty and governance overhaul
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The Bank of London, a once high-profile fintech start-up that claimed unicorn status just four years ago, has revealed it is under investigation by the Bank of England’s Prudential Regulation Authority (PRA) and is facing questions over its long-term viability.

In long-delayed accounts for 2023, the clearing bank disclosed that the PRA is examining “certain historical matters” at the business and has placed it under “enhanced regulatory supervision” due to shortcomings in its financial and regulatory reporting. The bank’s external auditor, EY, issued a qualified opinion over concerns linked to the valuation of a staff share option scheme.

The revelations cap a turbulent period for the Bank of London, which was forced to slash its workforce by nearly half last year amid a severe funding crisis. Despite securing a £52.1 million capital injection led by Mangrove Capital in August 2023 — followed by a further £3.7 million — the company has warned of “material uncertainty” around its future funding, raising concerns over its status as a going concern.

The bank burst onto the scene in 2021 with lofty ambitions to disrupt the UK’s banking infrastructure and clear transactions more efficiently. It became only the second new clearing bank to launch in Britain in 250 years and claimed a valuation of $1.1 billion, backed by investors who granted it unicorn status.

High-profile names such as Lord Mandelson, now UK Ambassador to the US, and Harvey Schwartz, current chief executive of private equity giant Carlyle, held directorships. Both stepped down last October amid a broader boardroom shake-up triggered by the firm’s funding troubles. Founder Anthony Watson, who previously served as chief executive, also exited the business.

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