One of the fastest-growing clearing and embedded banking platforms in the UK, ClearBank has secured £175 million in funding to accelerate its global expansion. The investment round, which was led by funds advised by Apax Digital, saw participation from CFFI UK Ventures (Barbados) Ltd and PPF Financial Holdings BV.
With the recent equity investment, ClearBank is planning to enhance its clearing and embedded banking offering. Initially, the company is targeting Europe before moving into regions like Asia and North America.
The funding will also help ClearBank in the expansion of its products and services to include direct API-based access to interbank payment schemes such as SEPA, enhanced multi-currency accounts, and additional foreign exchange-related offerings.
“ClearBank is the first proven and fully regulated cloud-native clearing bank in the UK for over 250 years. Over the last five years we have demonstrated the success of our business model and through our work with leading financial service providers, helped to both unlock their potential and bring about positive and meaningful change for UK businesses and consumers,” said Charles McManus, CEO at ClearBank.
Growth
Regulated by the Financial Conduct Authority, ClearBank witnessed strong demand in the past few years, mainly due to the growing adoption of financial tools in the international financial ecosystem. In the recent announcement, McManus also highlighted the rising momentum in the company’s revenues.
“Combining a banking license with a modern, agile and scalable embedded banking infrastructure is hard. Doing it at scale, and while delivering exceptional customer satisfaction, is truly special. ClearBank has been quietly building the clear next-generation leader in the UK on all key metrics, and we are thrilled to continue innovating the category together,” Niccolo Ferragamo, Principal at Apax Digital, noted.
ClearBank mentioned that the recent investment is subject to approval from PRA and the FCA. The company was advised by Herbert Smith Freehills LLP.
One of the fastest-growing clearing and embedded banking platforms in the UK, ClearBank has secured £175 million in funding to accelerate its global expansion. The investment round, which was led by funds advised by Apax Digital, saw participation from CFFI UK Ventures (Barbados) Ltd and PPF Financial Holdings BV.
With the recent equity investment, ClearBank is planning to enhance its clearing and embedded banking offering. Initially, the company is targeting Europe before moving into regions like Asia and North America.
The funding will also help ClearBank in the expansion of its products and services to include direct API-based access to interbank payment schemes such as SEPA, enhanced multi-currency accounts, and additional foreign exchange-related offerings.
“ClearBank is the first proven and fully regulated cloud-native clearing bank in the UK for over 250 years. Over the last five years we have demonstrated the success of our business model and through our work with leading financial service providers, helped to both unlock their potential and bring about positive and meaningful change for UK businesses and consumers,” said Charles McManus, CEO at ClearBank.
Growth
Regulated by the Financial Conduct Authority, ClearBank witnessed strong demand in the past few years, mainly due to the growing adoption of financial tools in the international financial ecosystem. In the recent announcement, McManus also highlighted the rising momentum in the company’s revenues.
“Combining a banking license with a modern, agile and scalable embedded banking infrastructure is hard. Doing it at scale, and while delivering exceptional customer satisfaction, is truly special. ClearBank has been quietly building the clear next-generation leader in the UK on all key metrics, and we are thrilled to continue innovating the category together,” Niccolo Ferragamo, Principal at Apax Digital, noted.
ClearBank mentioned that the recent investment is subject to approval from PRA and the FCA. The company was advised by Herbert Smith Freehills LLP.
Source: https://www.financemagnates.com/fintech/news/clearbank-receives-175-million-investment-for-global-expansion/