The UK-based money app Ziglu has partnered with ClearBank for virtual GBP accounts.

The partnership enables Ziglu to harness the cloud-based clearing bank’s technological infrastructure, regulated payment rails and treasury management services.

ClearBank’s platform will provide Ziglu’s end-customers with safeguarded accounts and remove third-party credit risk.

ClearBank payments are cleared in-house with funds securely held at the Bank of England and are not used for investment purposes.

Mark Hipperson, founder and chief executive of Ziglu, said: “ClearBank offers us the best of both worlds – all the security of traditional banking, along with the means to quickly adapt and satisfy our digital-native customer base.”

ClearBank’s embedded banking platform also serves to streamline Ziglu’s operational efficiencies, the companies said, enabling Ziglu’s customer services team to, for instance, more quickly resolve missing or pending payment queries.

Commenting on the partnership, Charles McManus, chief executive of ClearBank, said: “Ziglu represents all that is exciting about FinTech and finance today. With a keen sense of what their banking, investment and crypto customers will want to see next, Ziglu is perfectly poised to continue growing in 2022 and beyond.

“ClearBank is very pleased to have partnered with Ziglu and to provide safeguarded Virtual GBP Accounts, and we look forward to expanding the proposition together for a long time to come,” he added.

The two firms have also begun exploring a future phase of the partnership where they envision being able to offer FSCS protected accounts to Ziglu's customers.

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