ClearBank secures Dutch banking licence and expands to Europe
ClearBank, the enabler of real-time clearing and embedded banking, today announced it has expanded into Europe, working to fulfil client demand for Euro settlement and accounts.
The newly established ClearBank Europe N.V. secured a Credit Institution Licence from the European Central Bank, under the supervision of De Nederlandsche Bank. The licence underlines the bank’s leading compliance systems, robust controls, technology resilience, and proven track record as a business.
Expansion to Europe marks the first step in ClearBank’s international growth plans, with the company now competing on a regional level.
“We’re thrilled to be open for business in Europe – and this marks the first milestone in our global expansion strategy. We will soon fulfil client demand for Euro clearing, as well as Sterling, with the US Dollar coming next,” said Charles McManus, CEO at ClearBank. “ClearBank has succeeded in one of the most competitive fintech environments in the world, demonstrating the strength of our people, technology, and business model. We will take these strengths and carefully evolve our proposition to help institutions across the continent address their unique set of challenges and opportunities.”
Driven by client demand
Unlike other European providers with legacy systems, ClearBank’s services are accessed via a single API, underpinned by a scalable and flexible, real-time cloud-native platform. The platform was purpose-built from scratch, allowing for more efficient and cost-effective transactions, as well as being free of legacy issues associated with traditional banking infrastructure. It also operates a unique business model, where client funds are held at the central bank for maximum security.
This combination of fully licensed banking services, next-generation technology platform, and innovative business model is in demand by both new and existing clients. The new banking licence allows ClearBank to meet that demand by providing Euro accounts and payments in addition to Sterling. This will include operating accounts, virtual accounts, and access to major European payment rails including SEPA Credit Transfer, SEPA Instant Credit Transfer and TARGET2 (T2).
ClearBank Europe N.V. will also offer multi-currency and FX services to its European clients as well as upgrade ClearBank UK’s FX capabilities. The company will also soon begin rolling-out embedded banking services to European clients, with protected bank accounts and funds held under the Deposit Guarantee Scheme.
Amsterdam headquartered, Europe-wide banking services
ClearBank chose the Netherlands for its European headquarters due to its strong economy, robust yet innovative regulatory regime, and thriving fintech ecosystem. The new European company, located in Amsterdam, is open from today, with over 60 new members of staff to be hired in the next five years.
Rintse Zijlstra, who has been appointed CEO at ClearBank Europe to spearhead the continental expansion, said: “With changing regulations impacting banks and payment providers across Europe – many of which will require major overhauls of technology infrastructure – we are best-placed to help our clients deliver compliant, next-generation banking and payments services. ClearBank was purpose-built to enable the banking services of tomorrow and our expansion will see us support new and existing clients in their European growth.”
Building on UK success
Founded in 2015, ClearBank has established itself as the market leader in agency banking and embedded banking infrastructure, serving blue-chip clients such as TrueLayer, Tide, Chip, Coinbase, Raisin and Wealthify. The bank has maintained profitability since 2022, and last year reported 91% year-on-year growth in total income to £111.3m and first annual pre-tax profit of £18.4m.
It can now offer its UK clients the same high standards of technology, security, and scalability on the continent and enable them to accelerate their growth into new markets, as well as serve new European institutions.
