ClearBank lands £175m investment to fuel global expansion plans
UK-based clearing and embedded banking platform ClearBank has secured £175 million in a funding round led by Apax Digital.
Existing investors CFFI UK Ventures (Barbados) Ltd and PPF Financial Holdings BV also contributed to the raise.
ClearBank says the investment will accelerate its “global ambition to power banking services for both financial institutions and non-financial brands, using its single API cloud-native embedded banking platform”.
The new equity will be used to fuel its international growth, with the UK firm planning an initial move into Europe before expanding into North America and Asia Pacific.
ClearBank will also use the funds to add new offerings, including additional FX services, direct API-based access to interbank payment schemes such as SEPA and enhanced multi-currency accounts.
Launched in 2017, the clearing bank claims to serve more than 200 financial institutions and fintech customers including Tide, Coinbase and OakNorth Bank. It has signed deals with firms including 3S Money, Recognise Bank and Chip over the last six months.
It currently boasts 13 million accounts and £3 billion held in balances at the Bank of England.
The investment remains subject to Prudential Regulation Authority and Financial Conduct Authority approval.