ClearBank raises £175m

UK clearing and embedded banking platform ClearBank has announced a £175 million equity investment.

The round was led by funds advised by Apax Digital, the growth equity arm of Apax, a global private equity advisory firm.

Existing investors, CFFI UK Ventures (Barbados) Ltd and PPF Financial Holdings BV, also participated.

ClearBank said the money would be spent on accelerating its global expansion. The company will initially expand in mainland Europe before heading to North America and Asia Pacific.

ClearBank also plans to expand its range of products and services to include direct API-based access to interbank payment schemes such as SEPA, enhanced multi-currency accounts, and additional FX services.

ClearBank, which is the first new clearing bank in the UK in more than 250 years, says that it is “only embedded banking platform delivering direct access to all UK bank payment schemes and providing bank accounts at scale”.

The company currently services more than 200 financial institutions and FinTech customers, which include Tide, Coinbase, Chip and Oaknorth Bank.

“ 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, chief executive, ClearBank. "Our revenue growth is the proof of the momentum we have been gathering since 2017.

"It is this proof point and our transformative effect on access to banking services, traditionally a space characterised by high barriers to entry, which has given us the credibility to partner with and deliver seamless and secure embedded banking for award winning financial institutions, powerful fintech disrupters and government bodies alike.”

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