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Banking API Providing Application, ClearBank Recently Raised $230 Million For Expanding Its Operations

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ClearBank Recently Raised $230 Million For Expanding Its Market Globally

ClearBank, an United Kingdom digital and transforming banking services provider came into the news after the start-up announced raising $230 Million in a funding round of Series E on 19 March 2022. Apax Partners is leading this round along with the PPF group which will be used to expand the market operational areas of Clearbank globally.

About ClearBankand Its Funding

Uk-based organization Clearbank started was founded in 2015 by Nick Ogden with its headquarters located in London, United Kingdom. It works on cloud computing and delivers digital solutions for various sectors of banking including accounts operating, embedded banking, and clearing or real-time payments with the help of an application programming Interface. Clearbank works to bring regular innovations in the fintech sector, providing technology-based applications to fulfill the needs of the industry with nearly 200 customers globally.

Used by companies worldwide, Clearbank has paved new safer, and quicker ways to clear payments without any hassle. It offers Clearbank’s API for processing the above-mentioned operations. Not only limited to banking institutions but Clearbank solutions are also being widely used by Crypto platforms, Wealthforms, and other fintech-based companies. The provides products in three major categories in which the first one being “accounts”.

In account, they provide their customers with a safer place for their funds. The other two are embedded banking and clearing which contributes highly to the growth of the fintech institution.  Cloud-based APIs are shaping the ways fintech companies provide feasible and reliable results. Coming to the popularity of ClearBank, it has a massive market value.

The overall valuation after the new funding has not been disclosed by the company yet. The major technologies used in their operations include Cloud-based Software-as-a-Service. Some clients of ClearBank are Coinbase, Coin, Oaknorth, etc. According to ClearBank, it is the first of its type of bank in the entire United Kingdom over nearly 250 years.

The current Chief Executive Officer of Clearbank is Charles McManus, who said that this newly raised funding will bring s slight and significant increase in the total valuations of the start-up.  He expressed that “Europe and the United States have been very slow in modernizing” and pointed out the discussions of SWIFT across Russia about the slow pace.

Clearbank has improved traditional banking and payment clearing scenarios by making them faster than ever. McManus said that the company’s goal is to provide real-time offerings for its customers and avail a greater level of comfort with quick transactions. 

Talking about plans of the recently raised funding of $230 Million, it will be used to expand its operations further in other parts from where it is functioning currently and also at a global level. Along with this, new categories can be focussed on through investment. Currently being the leading digital payments clearing start-up, the future aim is to improve and make the operations run at a speedy pace than before. From all these, we can assume that the funding will bring some great innovations in the market of fintech. Numerous companies are becoming fintech institutions by adopting financial operations. 

Investors Who Participated in the Investment

There are two investors in this round including Apax Partners and PPF group. Apax is a private equity company providing investment solutions in multiple domains such as technology, fintech, etc. Mark Beith of Apax said that ClearBank is assisting fintech organizations, providing them with payments clearing services and “ embedded banking infrastructure “, in the era where most of the organizations and adopting fintech . He added with the same that Apax is very excited to invest and contribute with ClearBank  and also with the existing investors and shareholders of the Clear Bank group. 

Another investor in this deal is PPF group, which is an investment firm headquartered in the Czech Republic and was founded in 1991. The firm has made some great contributions and investments in numerous companies around the world and now participated in this series E investment round. 

Coming to the other earlier fundings got by Clearbank, In August 2020, the start-up raised an investment of $25 Million from Banking Competition Limited as grant money. Before this, it achieved around $195 Million in a Late Venture Capital funding round by PPF group and Northern Private Capital in June 2019. 

In February 2019, $60 Million has been granted by Banking Corporation as funding. There are multiple other investments from global investors that the company has attained to date. With this, the total investment raised by Clearbank to date is around $550 Million, however, the exact figure is not known as some of the funding amounts are undisclosed.


Cloud-based services are playing a major role in shaping and re-structuring multiple industries including fintech having some great benefits. Clear Bank is providing secure and at-ease financial solutions, that are widely used by people.

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