Embedded Banking Fintech ClearBank Appoints Spiros Theodossiou to Executive Team

ClearBank, the enabler of real-time clearing and embedded banking for financial institutions, recently announced that it has appointed Spiros Theodossiou as Chief Product Officer (CPO).

An industry figure “with over 20 years of experience, Spiros previously served as CPO at cloud accounting platform DEXT.” Before this, he “was SVP of Product Management at WorldPay and his professional history includes various lead and executive product positions for other industry stalwarts such as PayPal, Skrill, and Vouchercodes.com.”

Spiros will “lead the bank’s global product strategy, creating and executing its product roadmap.”

He will work closely “with teams across ClearBank to develop and maintain the bank’s capabilities, ensuring they’re aligned with client needs as the bank expands into new markets.”

Spiros will also “play a key role in delivering innovation for ClearBank and its clients in the ever-evolving digital landscape.”

Spiros added:

“ClearBank is already an incredibly successful fintech with a well-defined value proposition that customers love. The growth opportunities, both in the UK and as ClearBank expands internationally, are phenomenal and I look forward to being a part of the bank’s journey, working closely with our clients to understand their needs, drive product innovation and help take our vision to new markets.”

Charles McManus, CEO at ClearBank, remarked:

“We’re thrilled to have Spiros join ClearBank on its growth journey in the UK—and to help with our ambitious international plans. He joins a team focused on challenging the global marketplace and providing high-performance products worldwide and will be key to the next chapter in ClearBank’s story.”

As covered earlier this month, the Embedded Banking provider announces full-year results “including 46% increase in transaction volumes and 22% growth in customers.”

ClearBank Ltd., enabler of bank accounts, real-time clearing, and Embedded Banking for financial institutions, presents “the results from its 2022 Annual Report revealing the bank nearly tripled income to £58m in 2022 (+173% YoY) after reaching monthly UK profitability.”

Despite sector turbulence and a challenging macroeconomic landscape, 2022 “saw ClearBank’s unique combination of fully licensed banking services with a next-generation technology platform fuel accelerated growth for one of the UK’s newest banks.”

Income was “driven primarily by an increase in both net transaction (+43% YoY) and fixed platform fees (+23% YoY) as the bank increased its customer base by 22%, along with growing balances held at the Bank of England in a rising interest rate environment.”

ClearBank anticipates “continuing UK profitability through 2023 as it plans expansion into Europe in H2.”

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