Bank of London’s parent company has again posted annual losses, compounding problems for the British fintech, which kick-started a major overhaul in May after being fined for misleading regulators.
The bank’s parent company TBOL Holdings notched up losses of £27mn in 2025, its fifth straight year of deficits, with total losses since launch now approaching £190mn.
The latest declines underscore a turbulent period for the company after the Prudential Regulation Authority hit the bank with a £2mn fine in March.
The regulator investigated the bank between October 2021 and May 2024 and found the fintech had “repeatedly misled” the PRA as to its capital position, including by providing “fabricated documents”.
The PRA said it would have fined the bank £12mn but that such a sum would have caused significant financial hardship for the firm, and so the penalty was reduced.
On March 18 the Financial Conduct Authority also published a notice on its official register saying the fintech “must not, without the prior written consent of the FCA, onboard any new clients”.
This has proven damaging for the bank, with the latest results showing that customer deposits placed with the Bank of England dropped to less than £300mn in 2025 from £794mn in 2024.
A note on the bank’s website reads: “In August 2025, we voluntarily paused new customer onboarding to make enhancements to our financial crime prevention controls. This pause has since been formalised through a voluntary arrangement agreed with the Financial Conduct Authority.”
The annual report also reveals that headcount at the fintech has fallen to just 86 from 122 in 2024.
When Bank of London first launched in November 2021 it boasted of having a market valuation of $1.1bn, “making it the first pre-revenue bank in history to attain ‘unicorn’ status upon debut”.
It also said at the time it was “on track” to hire over 3,000 people, with the now-departed group chair, Harvey Schwartz, the boss of private equity firm Carlyle, promising to wake up the “sleepy worlds of clearing and global transaction banking”.
In the aftermath of the PRA fine, the clearing bank appointed new senior executives, secured £37mn of fresh funding from investors and simplified the structure of the group.
As part of the changes announced in May, it hired John Davison as chief compliance officer and Conrad O’Donnell as chief financial officer, and promoted Sean Titley to chief risk officer.
The company said at the time: “Bank of London is pleased to announce a series of developments that represent the next phase of its progress.”
The name of the bank’s then parent company, Oplyse Holdings, was also changed to TBOL Holdings UK, while Fellesskap Group & Holdings Corporation, the ultimate parent company, changed its name to TBOL Holdings Jersey.
“These changes form part of a planned series of updates designed to simplify group governance,” the bank said.