On March 19, 2022, the company Clearbank raised £175 million (US $230 million at today’s conversion rates) from a single investor, the private equity firm Apax Partners. The funds will be utilized to expand the company’s services beyond its current market, such as cryptocurrency exchanges.

For several years, the tech world has been awash in “fintech,” with a slew of challenger banks; businesses built on the concepts of APIs and cloud computing, as well as “embedded” financial services from third parties; artificial intelligence, personalization, and mobile apps; and a slew of other tech-led innovations, all corralled in the call to disrupt incumbents with new and arguably better and easier to use approaches to spending, saving, and investing money. The expansion of e-commerce and other digital-platform-based services has accelerated this tendency.

What the company has to say:

CEO Charles McManus:

McManus stated, “Our goal is to provide real-time services for everything.” 

According to him, ClearBank has consolidated everything into a single stack, which means that money moves through a single system rather than multiple channels and gives those using its system “better visibility” into how funds are moving. 

He said, “This means a higher level of comfort, visibility, and faster transactions.”

What the investors have to say:

In a statement, Mark Beith, a partner at Apax Digital, said, “All firms are becoming fintech companies, and ClearBank is providing the clearing and embedded banking infrastructure for them — starting with fintechs themselves.” “We’ve seen firsthand the strength of its technology, and we’re looking forward to working with Charles and the existing shareholders to take ClearBank global.”

About ClearBank:

The company now offers banking-as-a-service to its customers for both their personal and business requirements and to provide to their customers. It also includes connections to the four most common payment methods in the UK: Faster Payments, BACS, CHAPS, and direct debit.

The company began offering multi-currency and foreign exchange services to UK customers a few months ago. Plans for the investment include expanding those services to other currencies and facilitating interbank payments, both to existing customers with international footprints and to work with customers in other markets.

One of the most significant developments brought about by fintech is that it has been substantially easier for non-financial enterprises to move into financial services, which many have done to increase revenues and consumer touchpoints. This creates an opportunity for companies that facilitate adoption.

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Kshitij does business research and content writing for VCBay. Pursuing BBA from Symbiosis Center Of Management Studies (SCMS) Pune, he is skilled in Financial Modeling, Stock valuation and Microsoft Excel. He is passionate about Entrepreneurship and Finance.

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