Monday, December 23, 2024

Bank of London hit with winding-up order after chief stood down

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A fintech “unicorn” with Lord Mandelson on its board was slapped with a winding-up order from the taxman days after its chief executive resigned.

Bank of London, a clearing bank launched three years ago to help businesses with cross-border transactions, said it has settled the issue, which was caused by a “simple administrative handling delay due to an internal miscommunication”.

The winding-up order from HM Revenue & Customs was issued against the holding company and came days after its founder and chief executive, Anthony Watson, surprised the City last week by announcing that he was stepping down.

It came as the company reportedly scrambled to put the finishing touches to a fundraising in the region of £50 million. The company declined to comment.

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