Executive Chairman / Founder: Nick Ogden
CEO: Charles McManus
Keywords: Banking as a service, payment processing, core banking
Who is it for: Fintechs, credit unions, building societies and challenger banks
Total funding: $104m
Latest funding: $79m Grant, Feb 2019: Capability & Innovation Fund
HQ: London, UK
“Banking as a service for Fintechs.”
ClearBank, the UK’s first clearing bank in more than 250 years, and brainchild of WorldPay founder Nick Ogden, is creating a new level of open competition and transparency within the UK financial services marketplace. ClearBank has a ‘banking as a service’ offering and doesn’t market to consumers, instead focusing on payment processing and core banking services for fintech startups, credit unions, building societies and other challenger banks.
In 2019, ClearBank added Dozens, SettleGo, TrustPay, Archax and TigerWit as clients, among others; and announced strategic partnerships with Nationwide and OakNorth. In February, ClearBank, in partnership with Tide, was granted £60 million from the RBS Alternative Remedies Package.