Based in London ClearBankthe UK’s largest next-generation integrated banking and clearing platform, announced on Monday that it has raised £175 million (nearly €208.41 million) in a new round of funding.
The funding round was led by funds advised by Apax Digital, the growth equity arm of Apax. Existing investors CFFI UK Ventures (Barbados) Ltd and PPF Financial Holdings BV also participated.
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Niccolo Ferragamo, Principal at Apax Digital, says: “Combining a banking license with a modern, agile and scalable on-board banking infrastructure is difficult. To do this at scale and while delivering exceptional customer satisfaction is truly special. ClearBank has quietly built the undisputed next-gen leader in the UK on all key metrics, and we’re excited to continue innovating the category together.
Use of capital
ClearBank says the funds will help accelerate the global expansion of its clearing and integrated banking offering, initially in Europe, before moving to North America and Asia-Pacific.
Additionally, ClearBank also plans to expand its range of products and services to include direct API-based access to interbank payment systems such as SEPA, enhanced multi-currency accounts and additional FX services. This will help existing customers expand internationally and acquire new customers in multiple markets.
Charles McManus, CEO of ClearBank, said: “Over the past five years, we have demonstrated the success of our business model and, through our work with leading financial services providers, we have helped unlock their potential and bring positive and significant changes for UK businesses. and consumers.
“Our revenue growth is proof of the momentum we have built since 2017. It is this point of proof and our transformative effect on access to banking services, traditionally a space characterized by high barriers to entrance, which has given us the credibility to partner with and offer transparent and secure integrated banking services to financial institutions, powerful fintech disruptors and government agencies. The next challenge is to spread this innovation globally. To achieve this, we needed a strategic partner with the right cultural fit, industry expertise and geographic experience, which we found in Apax Digital,” adds McManus.
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Launched in 2017, ClearBank is a purpose-built integrated clearing and banking platform. Through its banking license and technology solutions, ClearBank enables its partners to offer real-time banking and payment services to their customers.
The company claims to be the only next-gen payments provider to have direct access to all UK bank payment systems (eg Faster Payments, BACS, CHAPS). As a regulated bank, ClearBank manages end-to-end transactions, from order transmission to settlement, liquidity management and clearing.
The company provides more than 13 million accounts to financial brand customers. It is also the only platform providing bank accounts with FSCS deposit protection at scale, bringing integrated banking services to the mass market. This product offering is complemented by a range of related value-added services, including foreign exchange and multi-currency accounts.
ClearBank’s end-to-end regulated financial services offering is accessed through a single API to a cloud-native software platform, which delivers speed and efficiency. It also enables innovation, including instant payment settlement between customers on the ClearBank platform, removing friction and reducing costs.
As a cloud-native bank, the platform offers “industry-leading” availability with no downtime for maintenance, unlimited scalability and elasticity, and real-time triple redundancy. Operationally, ClearBank has implemented a financially sustainable and highly scalable, low-risk business model, with all of its £3bn of deposits held securely at the Bank of England.
Recent growth and development
ClearBank has experienced massive growth and has been recognized as the #1 fastest growing technology company in Deloitte’s 2021 UK Technology Fast 50 awards, as well as the 2021 Card & Payments Award for Best Service. This combination has led to a customer base of over 200 financial institutions and fintechs, including Tide, Coinbase, Chip, and Oaknorth Bank.
ClearBank also says it is the only financial services provider to have received two grants, totaling £85m, from the Banking and Competition Remedies (BCR) fund to deliver competition and innovation to UK SMEs.
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