ClearBank raises funds for global expansion
The provider of embedded banking to UK fintechs heads to Europe after its technology achieves speedy implementation of Russian sanctions screening.
ClearBank has raised £175 million in new equity in an investment round led by Apax Digital, the growth equity arm of Apax. That makes the private equity firm one of three large shareholders – along with long-standing backers CFFI UK Ventures (Barbados) Ltd and PPF Financial Holdings BV, which both also participated in the latest funding round – in the fast-growing wholesale provider of underlying banking and payments services to more than 200 financial institutions.
When it launched in 2017, ClearBank was the first new clearing bank to be authorized by UK regulators in 250 years. It provides banking as a service through one low-cost, cloud-based platform.
A lot of our customers now operate internationally and globally. They tell us that they love our sterling APIs for payments and banking, but they now also need euros and dollars
It now underpins many of the winners in the vigorous UK fintech scene, including Tide and OakNorth Bank, established leaders in small and medium-sized enterprise banking, as well as Chip, a provider of savings accounts and investments to retail, and many other innovators specializing in certain sectors, such as Oxbury, which banks farmers and the agriculture sector.