ClearBank Ltd. reaches profitability as revenue climbs to over £45m

  • The Embedded Banking provider secured £45.4m revenue in YTD to October 2022, reaching monthly profitability for the UK-based bank.
  • 2022 revenue growth is being driven by increased transaction volumes, new customer sales, interest income, and the ramp up of its FX and multicurrency proposition.
  • ClearBank has plans to expand to Europe and the US, beginning with the launch of ClearBank Europe in The Netherlands in 2023.

London, UK, 24th November 2022 ClearBank Ltd., the enabler of secure accounts, real-time clearing, and Embedded Banking for financial institutions, today announced that it has reached profitability. ClearBank Ltd. has generated £45.4m in revenue YTD and from October has reached monthly profitability in the UK.

The fintech bank has nearly tripled its 2022 YTD revenue compared to the same period last year. And FY2021 was the second consecutive year that ClearBank’s revenue grew by over 100%. Growth has been driven primarily by growing transaction volumes, new customers, interest income, and the ramp-up of the bank’s new FX and multicurrency proposition.

ClearBank now supports over 200 financial institutions, including Chip, Raisin, and Recognise Bank. With 17.5m bank accounts and £3bn held in balances, ClearBank has dramatically increased in scale.

ClearBank’s continued growth has been spurred on by the permanent move towards digital payments which has been heavily influenced by the Covid-19 pandemic shift in how people and businesses move money. This shift has meant a greater use of contactless, online, and mobile wallet channels at the expense of cash, all driving up payment volumes. Despite increasing headwinds from wider market conditions, ClearBank anticipates continued and sustainable growth.

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Additionally, there is a growing demand for cloud-based, API-fluent banking infrastructure in the UK. ClearBank’s single API cloud-native Embedded Banking platform allows financial institutions and fintechs to offer regulated financial products and services rapidly and seamlessly to their customers without the cost and complexity of building it themselves. ClearBank’s unique combination of fully licensed banking services with a next-generation clearing and Embedded Banking means that the company has seen success with emerging e-money institutions, fintechs, mid-market players, and mature financial service providers.

To support the expansion of its clients internationally, ClearBank also launched its international proposition which includes multicurrency accounts and international payments in 11 currencies and 65 FX currency pairs. It now also offers a Faster Payments Originating Overseas product to enable its partners to use Faster Payments to process GBP payments that have originated outside of the UK.

“In the last few years, we have seen the market shift from agency banking services to BaaS and now Embedded Banking driven by the demand from institutions and increasingly brands to integrate sophisticated and regulated financial services into their customer offerings,” said Charles McManus, CEO at ClearBank. “As the macro-economic environment continues to be turbulent, there is a renewed focus on the security, resilience and utility offered by fully licensed banking products that unlock the potential of businesses and their customers while ensuring peace of mind.”

In March 2022, ClearBank announced a £175m strategic investment led by funds advised by Apax Digital, the growth equity arm of Apax Partners LLP, a leading global private equity advisory firm, to accelerate ClearBank’s international growth and expand its range of product and services. ClearBank’s existing investors CFFI UK Ventures (Barbados) Ltd and PPF Financial Holdings BV also participated in the round. This growth and expansion, coupled with a healthy client pipeline and an expanding deposit base, has accelerated the firm’s profitability in 2022.

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McManus is confident that today’s environment is uniquely primed for the company’s breadth of offer, saying: “With a licensed clearing and Embedded Banking platform that is scaling rapidly, we expect to build on the success of 2021, and our accomplishments thus far in 2022, ahead of expansion into Europe in 2023 and the US soon after. The market is coming to ClearBank.”


Notes to Editors
ClearBank’s 2021 annual accounts cover a period of 12 months, from 1 January 2021 to 31 December 2021. ClearBank’s 2022 figures cover a period of 10months, from 1 January to 31 October. Please note that 2022 figures are interim and unaudited.

About ClearBank
ClearBank is a purpose-built, technology-enabled clearing bank. Through its banking licence and intelligent, robust technology solutions, ClearBank enables its partners to offer real-time payment and innovative banking services to their customers.

ClearBank is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority (Financial Services Register number: 754568).

Visit for more information.

PR Contacts
For ClearBank:
Holly Ingram / Katie Wilson

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