ukbased clearbank 175m
ClearBank, the next-generation clearing and embedded banking platform based in the UK, has successfully raised £175 million in a funding round led by Apax Digital. The significant investment will be utilized to fuel the company’s global expansion plans as it aims to become the UK’s first new clearing bank in 250 years.
ukbased clearbank 175m
Apax Digital’s digital investment arm spearheaded the funding round, with existing investors CFFI UK Ventures and PPF Financial Holdings also participating. The latest funding milestone comes as ClearBank continues its rapid growth trajectory, having been recognized as the UK’s fastest-growing tech company in Deloitte’s 2021 UK Technology Fast 50 awards.
clearbank 175m
ClearBank serves more than 200 financial institutions and fintech customers, with over 13 million accounts and £3 billion in balances. Notable clients include Tide, Coinbase, Chip, and Oaknorth Bank. With its single API cloud-native embedded banking platform, ClearBank aims to empower financial institutions and non-financial brands to offer innovative and seamless banking services.
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The funding injection will enable ClearBank to enhance its product offerings and support existing customers in scaling internationally. Additionally, the company plans to attract new customers across various markets. ClearBank CEO Charles McManus expressed excitement about the momentum the company has gained since its inception in 2017, and the transformative impact it has had on access to banking services.
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ClearBank’s success in providing seamless and secure embedded banking solutions to financial institutions, fintech disruptors, and government bodies has established its credibility in the industry. Now, with its sights set on global expansion, the company aims to continue delivering innovation on a global scale.
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To achieve its ambitious growth plans, ClearBank is teaming up with Apax, a company that aligns with its cultural values and possesses the sector expertise and geographic experience required for successful expansion. As the growth arm of Apax, Apax Digital specializes in growth equity and growth buyout investments, making it a strategic partner for ClearBank’s global aspirations.
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Apax Digital Partner Mark Beith noted that all companies are becoming increasingly fintech-oriented, with ClearBank playing a vital role in providing the clearing and embedded banking infrastructure for fintech firms and beyond. The collaboration between ClearBank and Apax Digital aims to unlock new opportunities for financial innovation and propel the evolution of embedded banking services worldwide.
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As ClearBank continues to push the boundaries of financial technology, its latest funding round serves as a testament to its significant impact on the industry and its vision for a digitally empowered future of banking. With Apax Digital’s support, ClearBank is poised to revolutionize financial services on a global scale.