ClearBank, a next-generation clearing and embedded banking platform in the UK, has secured a ?175m equity investment.
The capital injection was led by Apax Digital, the growth equity arm of private equity advisory firm Apax. Existing ClearBank investors CFFI UK Ventures (Barbados) Ltd and PPF Financial Holdings BV also joined the round.
Funds from the round will aid ClearBank global expansion of its clearing and embedded banking offering. The company is first focused on Europe and will then explore North America and Asia Pacific.
It claims to be the first new clearing bank to launch in the UK in over 250 years. The company, which launched in 2017, is the only next-generation payments provider with a direct access to all banking payment schemes in the UK.
As a regulated bank, it manages transactions end-to-end from order transmission to settlement, liquidity management and clearing.
It claims to provide over 13 million accounts to customers of leading financial brands. The company also claims to be the only platform to provide bank accounts, with FSCS deposit protection, at scale.
ClearBank CEO Charles McManus said, ?ClearBank is the first proven and fully regulated cloud-native clearing bank in the UK for over 250 years. Over the last five years we have demonstrated the success of our business model and through our work with leading financial service providers, helped to both unlock their potential and bring about positive and meaningful change for UK businesses and consumers.p>
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