ClearBank is the UK’s first new clearing bank in more than 250 years. Built from scratch, unencumbered by the entrenched legacy platforms that inhibit other banks from delivering the simplicity that modern customers have come to expect. ClearBank’s cutting-edge technology is transforming the clearing and agency banking experience, making transactions as efficient, fast and cost-effective as they can and should be.

Type: Private
Funding Status: Grant
Foundation year: 2014
Location: London, United Kingdom
Number of employees: 101-250
Founders: Andrew Smith, Nick Ogden
Target geographic market:



The British Bank Awards: The Pioneer Award (March 2020); FStech Awards 2018: Most Disruptive Financial Sector Technology (March 2018); Payment awards 2017: Clearing or Settlement Initiative of the Year; 2017 Tech Leader Award

About Product/Service
Products Operating Account, Client Account, Segregation Account, FSCS Bank Account Solutions, Virtual Account Solutions, Bacs Clearing, Bacs Direct Debit Origination, CHAPS, Fster Payments, API, Portal
Core product offerings for individual/retail customersBusiness Current Account
Regulators/ComplianceClearBank Ltd. Authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority (Financial Services Register number: 754568). ClearBank Limited participates in the deposit guarantee scheme of the United Kingdom. This deposit guarantee scheme applies to current accounts, savings accounts, time deposit accounts made by private individuals, companies and covers up to up to 85,000 GBP per bank per depositor. ClearBank Limited is a member of Financial Services Compensation Scheme (FSCS) and makes its contributions into it.
Number of Currencies SupportedOver 30 multi-currency accounts (since Autumn 2020)
Product cost-
(a) a personal accountNo
(b) a business accountYes

Key people

Funding rounds

Last Funding Date Feb 22, 2019
Last Funding Amount £60M
Last Funding Type Grant
Total Funding Amount £60M
Number of Funding Rounds 1


Customer/Products segments Business Accounts, Remittance/International Money Transfers, Solutions, Connectivity
Key product offeringcurrent accounts; savings accounts; time deposit accounts
Banking licenseClearBank has a full UK banking license and is regulated by the Bank of England, the Prudential Regulation Authority, the Financial Conduct Authority and the Payment Services Regulator.
Type of customersBusinesses
Estimated revenue$1M to $10M
Number of investors 2
Number of lead investors1
Names of lead investorsCapability and Innovation Fund

Tech stack


Founding Date Type Tags

Think Money is one of the largest and longest-...

2002 Private Challenger banks, fintech

Timo provides banking services in Vietnam

2015 Challenger banks, fintech

BankMobile is a mobile application that offers a...

2015 Private fintech, challenger banks

Fenergo is the digital enabler of client and...

2009 Private Fenergo

Amaiz is a UK banking service that transforms the...

2017 Private Challenger banks, fintech