Embedded banking provider ClearBank Ltd generated £45.4 million in revenue in YTD to October 2022, reaching monthly profitability for the UK-based bank.

When compared to the same period in 2021, FinTech’s revenue has nearly tripled. Increased transaction volumes, new client sales, interest revenue, and the expansion of its FX and multicurrency proposition are all contributing factors to the growth.

Financial institutions and FinTechs can offer regulated financial products and services to their customers without the expense and complexity of building it themselves thanks to ClearBank’s single API cloud-native Embedded Banking platform.

The business has had success working with established financial service providers, FinTechs, mid-market players, and emerging e-money institutions.

“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,”

“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.”

                                                                                  Charles McManus, CEO at ClearBank.

A £175 million strategic investment spearheaded by Apax Digital, the growth equity division of Apax Partners LLP, was announced by ClearBank in March 2022. The round also included participation from the company’s current investors, CFFI UK Ventures (Barbados) Ltd. and PPF Financial Holdings BV. The company’s profitability in 2022 has increased due to growth and expansion, a strong client pipeline, and a growing deposit base.