UK-based ClearBank has raised £175m in an equity investment round, which was led by funds advised by Apax Digital.

ClearBank’s existing investors CFFI UK Ventures (Barbados) and PPF Financial Holdings BV also joined the round.

ClearBank will use the proceeds for expanding its clearing and embedded banking product offerings across the globe starting from Europe and then to North America and the Asia Pacific.

Founded in 2017, ClearBank is a regulated bank with direct access to all banking payment schemes in the UK.

It manages transactions from order transmission to settlement, liquidity management and clearing.

Through its embedded banking solutions, ClearBank provides over 13 million accounts, which come with FSCS deposit protection, to customers of key financial services providers. 

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By GlobalData

The cloud-native bank also offers a wide range of value-added services such as foreign exchange and multi-currency accounts. 

Apax Digital principal Niccolo Ferragamo said: “Combining a banking license with a modern, agile and scalable embedded banking infrastructure is hard. Doing it at scale, and while delivering exceptional customer satisfaction, is truly special. 

“ClearBank has been quietly building the clear next-generation leader in the UK on all key metrics, and we are thrilled to continue innovating the category together.”

ClearBank’s financial solutions can be accessed via a single API to a cloud-native software platform and currently, over 200 financial institutions and fintech, including Tide, Coinbase, Chip and Oaknorth Bank are its clients. 

ClearBank CEO Charles McManus said: “Our revenue growth is the proof of the momentum we have been gathering since 2017. 

“It is this proof point and our transformative effect on access to banking services, traditionally a space characterised by high barriers to entry, which has given us the credibility to partner with and deliver seamless and secure embedded banking for award-winning financial institutions, powerful fintech disrupters and government bodies alike.

“The next challenge is delivering this innovation globally. To achieve this, we needed a strategic partner with the right cultural fit, sector expertise and geographic experience, something we found in Apax Digital.”