The embedded banking and clearing provider reports nearly £50m in revenue and £6m in profit in the first half of 2023.
Amid a series of systemic events challenging the UK and European financial services markets in 2023, ClearBank presented a 144% YoY revenue increase in its H1 2023 results that were published Thursday this week . Reporting an 80% increase in customer deposits, a 39% increase in payment volumes and £5.9m in profit sets the clearing bank up to achieve full year profitability in 2023.
The bank accredits its accelerated growth across all lines of business to its combination of fully licensed banking services, next generation technology platform and embedded banking proposition in a period where customers are looking for secure yet innovative banking partners.
Charles McManus, CEO, Clearbank says: “As institutions take flight to quality by seeking scale, security, and safety in their banking partner, we’ve seen significant increases in customer deposits and payments volumes - especially around our embedded banking and open banking propositions.”
Growing their customer base to more than 200, ClearBank is now looking to expand into Europe with plans to offer high levels of availability, reliability and resilience in an uncertain market. ClearBank is working with clients such as Chip and Raisin UK to offer market-leading savings rates to help consumers make their money work harder in a high inflation environment.