A tax bill and funding round for a British banking-as-a-service provider

The UK company The Bank of London may sound like an official institution but is a British bank and infrastructure provider. It was launched in 2021 and is offering three types of services: clearing and settling for other banks, banking services for SMEs, and a banking-as-a-service solution. I have covered them in the past with new feature launches, but due to their young age and focus on fintech activities, I did not see them that often in an embedded finance context.

In the past week, the bank has been in the news for different reasons, and the whole story sounds a bit bizarre (Finextra). To break it down for you:

1. CEO resigns on September 3rd
2. UK government files a case for an unpaid tax bill on September 7th
3. £42 million funding announcement on September 8th
4. The bank announces that all taxes have been paid and that the disruption was caused by internal miscommunications on September 9th (PYMNTS)

Thanks to all these news stories, many more people will be familiar with The Bank of London, but that was probably not worth the price? Hopefully now that the tax story is settled, the bank can focus on putting the investment to good use, and perhaps we will see them in an embedded finance context in the near future.