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ClearBank raises £175m for global expansion

ClearBank raises £175m for global expansion

UK clearing and embedded banking platform ClearBank is eying international expansion after raising £175 million in a financing round led by funds advised by Apax Digital.

The first new clearing bank in the UK in over 250 years at launch in 2017, ClearBank's embedded platform delivers direct access to all the country's bank payment schemes and provides bank accounts at scale - including FSCS deposit protection, with 13 million accounts and £3 billion held in balances at the Bank of England.

Today it serves more than 200 financial institutions and fintech customers - including Tide, Coinbase, Chip and Oaknorth Bank.

It now plans to offer its single API cloud-native embedded platform to financial institutions and no-financial brands around the world, beginning with Europe before moving into North American and Asia Pacific.

The firm is also lining up new products and services, including direct API-based access to interbank payment schemes such as SEPA, enhanced multi-currency accounts, and additional FX services.

Charles McManus, CEO, ClearBank, says: "Over the last five years we have demonstrated the success of our business model and through our work with leading financial service providers, helped to both unlock their potential and bring about positive and meaningful change for UK businesses and consumers."

He continues: "The next challenge is delivering this innovation globally. To achieve this, we needed a strategic partner with the right cultural fit, sector expertise and geographic experience, something we found in Apax Digital."

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