ClearBank, a British company, announced its first-ever yearly pre-tax profit and is now planning to expand internationally.
ClearBank, a British company, announced its first-ever yearly pre-tax profit and is now planning to expand internationally.
In contrast to a £7.1 million loss the year before, the embedded banking and clearing provider reported a full year pre-tax profit of £18.4 million for 2023. Deposits doubled to £6.1 billion, while income increased by 91% to £111.3 million.
More than 200 businesses use ClearBank, which was established in 2017 as the first newly constructed clearing bank in the UK in 250 years. Among these businesses are 15 of the newest banks in the country, including Allica and Alba.
Also, the company witnessed a 93% annual growth in the number of end users for their embedded banking. Presently, 1.2 million clients have accounts that are covered by the FSCS through partners like Tide, Raisin, and Chip.
According to ClearBank CEO Charles McManus, "Our values of innovation and sustainable growth have led to our first full year of profitability— an incredible milestone in our journey— despite the industry and the broader economy facing significant challenges."
In a volatile market, we have been able to provide stability and resilience while constructing the services that our clients require, such as the greatest embedded banking solution available. However, this is merely the beginning of the voyage; it is not the end."
A move into the US is also planned, and work on an application for a European banking license is ongoing in preparation for a planned full EU debut later this year.
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