New name in the UK challenger bank space – ClearBank
The bustling UK challenger bank scene has grown by another addition, ClearBank.
The bank was granted a licence at the end of 2016.
ClearBank (also known as CB Infrastructure Limited) is a new venture of Nick Ogden, founder and former CEO of payments processing heavyweight WorldPay (sold to RBS in 2002).
Ogden is also founder and chairman of another payments services company, CashFlows (formerly Voice Commerce).
“I’m told that I am a serial entrepreneur and certainly I have been lucky to have been consistently at the forefront of innovation in a range of technologies,” he says on his LinkedIn profile.
ClearBank was set up in 2015 and is registered in Norfolk.
Its CTO is Andrew Smith, former MD and CTO at Tapsley, a UK-based company that provides cloud and mobile solutions to financial institutions. Ogden is a director at Tapsley.
Gain some, lose some
Going the other way is Butterfield Private Bank, a subsidiary of Bermuda-based Butterfield Group.
The bank has now officially closed down its UK deposit-taking and investment management operations.
It is understood the group has shifted its focus to growing its offshore business.
With so many new entrants trying to muscle into the UK banking sector, Banking Technology has put together a comprehensive list of the known challengers to date and the technology they are using.