UK embedded banking company ClearBank is planning international expansion after raising £175 million in funding.
With funds advised by Apax Digital, ClearBank will look to broaden its services to the rest of Europe, before later aiming to reach North America and Asia Pacific markets.
Using its embedded finance platform, the UK company allows direct access to all of the country’s bank payment options whilst also providing 13 million bank accounts at scale. ClearBank provides deposit protection for £3 billion of held finances in the Bank of England.
ClearBank, now expanding globally, is offering its single API cloud-native embedded technology to financial institutions and no-financial firms.
We’re so excited to announce that we’ve raised £175 million in a round led by @ApaxDigital, the growth equity arm of @apax_partners, the leading global private equity advisory firm!🎉 Read all the details: https://t.co/zgNejarZ81 pic.twitter.com/LFYEtgBzBk
— ClearBank (@clear_bank) March 21, 2022
Charles McManus, CEO of ClearBank, said: “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.”
The firm plans to outline some of its new products and services to go along with the expansion. Some of these new services include direct API access to interbank payment schemes, enhanced multi-currency accounts and additional FX services.
McManus concluded: “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.”