UK clearing and embedded banking provider ClearBank’s January-October 2022 revenues nearly tripled to 45.4m compared to the same period last year. The clearing bank, which was set up in 2015, said it had achieved monthly profitability in the UK since October.
ClearBank revealed these on Thursday in a statement detailing its year-to-date (YTD) results for fiscal 2022. The UK-based bank explained that revenue growth is being driven by higher trading volumes, new customer sales, interest income, foreign exchange and multi-currency offerings.
ClearBank currently supports over 200 financial institutions, including Chip, Raisin and Recognize Bank. With 17.5 million bank accounts and 3 billion balances, ClearBank has grown dramatically in size. the company said.
Further explaining its growth, the clearing bank noted that it has expanded its net worth through the introduction of multi-currency accounts and international settlements in 11 currencies and 65 foreign exchange currency pairs. Additionally, ClearBank said it now offers “a Faster Payments Originating Overseas product that enables a partner to use Faster Payments to process his GBP payments originating outside the UK.”
In June, ClearBank partnered with Ziglu to provide agency banking services to UK-based money apps. Through this collaboration, Ziglu has begun offering virtual GBP bank accounts to its customers, which ClearBank supports by providing real-time processing and reporting capabilities.
Meanwhile, ClearBank secured 175m in funding in March to accelerate its global expansion. The round was led by his Apax Digital, the growth equity arm of private equity advisory firm Apax Partners LLP. Additionally, the round was joined by CFFI UK Ventures (Barbados) Ltd and his PPF Financial Holdings BV.
ClearBank’s Charles McManus said: The CEO talked and explained the company’s profitability and his YTD earnings.
“Growing Pains of BaaS”
in the meantime, new research
Conducted by advisory firm Aite-Novarica Group on behalf of ClearBank, it reveals the growing pains of banking as a service (BaaS) and how fintechs are embracing embedded banking.
According to the study, European fintech companies are struggling with BaaS services, with 20% of them losing $11 million annually to product delays caused by BaaS providers.
The research is based on interviews with 20 leading Fintech companies in the UK and Europe. These companies have at least 50 employees and average annual revenue from June to September 2022, he said, of $25 million.
Additionally, the study found that fintech companies are leaving BaaS providers in favor of embedded banking. Of those companies, 31% said they changed their BaaS provider, while 25% said they would use the built-in baking provider in the future. This has nothing to do with “market chaos between two categories”.
Many BaaS and embedded finance services no longer meet customer needs, said John Salter, Chief Customer Officer, ClearBank.
UK clearing and embedded banking provider ClearBank’s January-October 2022 revenues nearly tripled to 45.4m compared to the same period last year. The clearing bank, which was set up in 2015, said it had achieved monthly profitability in the UK since October.
ClearBank revealed these on Thursday in a statement detailing its year-to-date (YTD) results for fiscal 2022. The UK-based bank explained that revenue growth is being driven by higher trading volumes, new customer sales, interest income, foreign exchange and multi-currency offerings.
ClearBank currently supports over 200 financial institutions, including Chip, Raisin and Recognize Bank. With 17.5 million bank accounts and 3 billion balances, ClearBank has grown dramatically in size. the company said.
Further explaining its growth, the clearing bank noted that it has expanded its net worth through the introduction of multi-currency accounts and international settlements in 11 currencies and 65 foreign exchange currency pairs. Additionally, ClearBank said it now offers “a Faster Payments Originating Overseas product that enables a partner to use Faster Payments to process his GBP payments originating outside the UK.”
In June, ClearBank partnered with Ziglu to provide agency banking services to UK-based money apps. Through this collaboration, Ziglu has begun offering virtual GBP bank accounts to its customers, which ClearBank supports by providing real-time processing and reporting capabilities.
Meanwhile, ClearBank secured 175m in funding in March to accelerate its global expansion. The round was led by his Apax Digital, the growth equity arm of private equity advisory firm Apax Partners LLP. Additionally, the round was joined by CFFI UK Ventures (Barbados) Ltd and his PPF Financial Holdings BV.
ClearBank’s Charles McManus said: The CEO talked and explained the company’s profitability and his YTD earnings.
“Growing Pains of BaaS”
in the meantime, new research
Conducted by advisory firm Aite-Novarica Group on behalf of ClearBank, it reveals the growing pains of banking as a service (BaaS) and how fintechs are embracing embedded banking.
According to the study, European fintech companies are struggling with BaaS services, with 20% of them losing $11 million annually to product delays caused by BaaS providers.
The research is based on interviews with 20 leading Fintech companies in the UK and Europe. These companies have at least 50 employees and average annual revenue from June to September 2022, he said, of $25 million.
Additionally, the study found that fintech companies are leaving BaaS providers in favor of embedded banking. Of those companies, 31% said they changed their BaaS provider, while 25% said they would use the built-in baking provider in the future. This has nothing to do with “market chaos between two categories”.
Many BaaS and embedded finance services no longer meet customer needs, said John Salter, Chief Customer Officer, ClearBank.