ClearBank Generates £45.4 Million Year-to-Date Revenue, Maintains Profitable from October

ClearBank Ltd., the enabler of secure accounts, real-time clearing, and Embedded Banking for financial institutions, 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.

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.

"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," said Charles McManus, CEO at ClearBank.