British bank ClearBank has secured its European banking license from the European Central Bank, under supervision of De Nederlandsche Bank.
ClearBank specialises in real-time clearing and embedded banking, based on a scalable cloud-native platform which allows for real-time agility unlike legacy system banks.
Newly appointed CEO of ClearBank Europe, Rintse Zijlstra, commented: “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.”
The bank will use this achievement as a stepping stone to expand into Europe, and can now provide Euro accounts along with Sterling. ClearBank has set up their central Europe headquarters in Amsterdam, and aim to add 60 new employees to the team in the next five years.
Charles McManus, CEO at 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.”
ClearBank was founded in 2015, and has maintained profitability since 2022.