Clear Bank has earned a Credit Institution Licence from the European Central Bank under the supervision of De Nederlandsche Bank. The license allows Clear Bank to operate across Europe.
ClearBank is authorized in the UK by the Prudential Regulation Authority (PRA) and regulated by the Financial Conduct Authority (FCA) and the Prudential Regulation Authority.
Last April, ClearBank reported that it had grown income by 91% to £111.3m, more than doubled deposits to £6.1 billion and posed first annual pre-tax profit of £18.4 million for FY 2023.
Launched in 2017, ClearBank was the first new, full-service clearing bank for over 250 years, plugged directly into the UK’s banking and payment infrastructure.
Charles McManus, CEO at ClearBank, said they will soon fulfill client demand for Euro clearing, as well as Sterling, with the US Dollar coming next.
ClearBank’s services are accessed via a single API. The platform was built from scratch, allowing for more efficient and cost-effective transactions and free of legacy issues associated with traditional banking infrastructure.
The new banking license will allow ClearBank to provide Euro accounts and payments in addition to Sterling. This will include operating accounts, virtual accounts, and access to major European payment rails. The company said it will also soon begin offering embedded banking services to European clients, with protected bank accounts and funds held under the Deposit Guarantee Scheme.
Rintse Zijlstra, has been appointed CEO at ClearBank Europe to pursue the European expansion.
