ClearBank, a digital bank based in the Netherlands and authorized by the European Central Bank (ECB), has partnered with UK-based Algbra, a Fintech regulated by the UK Financial Conduct Authority (FCA). ClearBank is already authorized by the Prudential Regulation Authority and regulated by the FCA and the Prudential Regulation Authority. The partnership with Algbra is with the UK branch of ClearBank.
Algbra offers “Fintech as a Service” in the UK. The collaboration will aid its expansion in the country while growing ClearBank’s services. The partnership will add agency banking, payment services, and virtual accounts to Algbra.
The ClearBank service, which includes embedded banking, is reportedly immediately available to both financial and non-financial firms in the UK.
Nick Ford, Head of Channels & Alliances at ClearBank, said the arrangement was the first channel partnership for expanding their services.
Tom Mason, Chief Business Officer at Algbra Group, said they view ClearBank as an extension of their team, which means they will be able to offer B2B and B2C clients fully regulated banking services.
“We get all the benefits of being a major bank without the administration or overheads.”