ClearBank
Description
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.
Overview
| Type: | Private |
| Funding Status: | Grant |
| Foundation year: | 2014 |
| Location: | London, United Kingdom |
| Number of employees: | 101-250 |
| Founders: | Andrew Smith, Nick Ogden |
| Website: | https://www.clear.bank/ |
Target geographic market:
Europe
Awards:
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 customers | Business Current Account |
| Regulators/Compliance | ClearBank 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 Supported | Over 30 multi-currency accounts (since Autumn 2020) |
| Product cost | - |
|---|---|
| (a) a personal account | No |
| (b) a business account | Yes |
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 |
Financials
| Customer/Products segments | Business Accounts, Remittance/International Money Transfers, Solutions, Connectivity |
|---|---|
| Key product offering | current accounts; savings accounts; time deposit accounts |
| Banking license | ClearBank 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 customers | Businesses |
| Estimated revenue | $1M to $10M |
| Number of investors | 2 |
| Number of lead investors | 1 |
| Names of lead investors | Capability and Innovation Fund |
Tech stack
Competitors
| Founding Date | Type | Tags | |
x Metro Bank Metro Bank plc is a retail and commercial bank... | 2010 | Private | Challenger banks, fintech |
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x Delo Bank Online bank for small enterprises | 2018 | Challenger banks, fintech | |
x Northrow Northrow helps businesses manage regulatory and... | 2010 | Private | NorthRow |
x Pockit Pockit is building the world’s most inclusive... | 2014 | Private | Challenger banks, fintech |
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