ClearBank secures Dutch licence to expand into Europe

ClearBank, the newly established European entity of London-based clearing and embedded banking firm ClearBank, has taken a significant step in its global expansion strategy by securing a Credit Institution Licence from the European Central Bank (ECB). This license, supervised by De Nederlandsche Bank, allows ClearBank to extend its banking services across Europe, marking the company’s first foray into the European market.

ClearBank’s expansion into Europe is a calculated move to leverage the continent’s robust financial ecosystem. By establishing ClearBank Europe N.V. and setting up headquarters in Amsterdam, the company aims to provide seamless banking infrastructure to European financial institutions.

The Netherlands was chosen for its strong economy, innovative regulatory regime, and thriving fintech ecosystem. ClearBank plans to invest over €70 million in its European operations and hire more than 60 new employees over the next five years.

Charles McManus, CEO of ClearBank, stated: ” “We’re thrilled to be open for business in Europe – and this marks the first milestone in our global expansion strategy. We will soon fulfil client demand for Euro clearing, as well as Sterling, with the US Dollar coming next. ClearBank has succeeded in one of the most competitive fintech environments in the world, demonstrating the strength of our people, technology, and business model. We will take these strengths and carefully evolve our proposition to help institutions across the continent address their unique set of challenges and opportunities.”

Unlike other European providers burdened with legacy systems, ClearBank’s services are accessible via a single API, supported by a scalable, flexible, real-time cloud-native platform. This platform was meticulously designed from the ground up, enabling more efficient and cost-effective transactions while avoiding the legacy issues that often plague traditional banking infrastructure. Additionally, ClearBank operates a distinctive business model in which client funds are held at the central bank, ensuring maximum security.

This blend of fully licensed banking services, cutting-edge technology, and an innovative business model is increasingly sought after by both new and existing clients. The newly acquired banking licence allows ClearBank to cater to this demand by offering Euro accounts and payment services alongside Sterling. These services will encompass operating accounts, virtual accounts, and access to key European payment systems such as SEPA Credit Transfer, SEPA Instant Credit Transfer, and TARGET2 (T2).

ClearBank Europe N.V. will also provide multi-currency and FX services to its European clients, while enhancing ClearBank UK’s FX capabilities. Additionally, the company will soon begin the roll-out of embedded banking services to its European clients, featuring protected bank accounts and funds safeguarded under the Deposit Guarantee Scheme.

Rintse Zijlstra, newly appointed CEO of ClearBank Europe, highlighted the company’s readiness to meet the evolving regulatory landscape: “With changing regulations impacting banks and payment providers across Europe – many of which will require major overhauls of technology infrastructure – we are best-placed to help our clients deliver compliant, next-generation banking and payments services. ClearBank was purpose-built to enable the banking services of tomorrow and our expansion will see us support new and existing clients in their European growth.”

Founded in 2015, ClearBank has demonstrated its resilience and innovation by maintaining profitability since 2022.

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