The Bank of London has agreed with the UK financial watchdog to stop taking on new customers in the latest setback for the lossmaking fintech, which is still reeling from being fined for fabricating documents to conceal its financial health.
The lender, which received a $1.1bn valuation in 2021, said it had formalised an agreement with the Financial Conduct Authority in which it “voluntarily paused new customer onboarding to make enhancements to our financial crime prevention controls”.
The block on new clients has been in place since August 2025, the financial technology company said on its website. But it was formalised on March 18 when the watchdog published a notice on its official register saying TBOL “must not, without the prior written consent of the FCA, onboard any new clients”.