ClearBank has secured a Dutch banking licence, meaning the company can now provide clearing and embedded banking services across Europe.

The move marks the first step in the London-based FinTech’s international growth plans.

ClearBank said that it will invest more than €70 million in its European operations following demand from clients for Euro settlement and accounts.

Founded in 2015, the organisation is a technology-enabled clearing bank which offers real-time payment and banking services.

The bank, which has maintained profitability since 2022, last year reported 91 per cent year-on-year growth in total income to £111.3 million and first annual pre-tax profit of £18.4 million.

The newly established ClearBank Europe N.V. secured a Credit Institution Licence from the European Central Bank, under the supervision of De Nederlandsche Bank.

Chief executive of ClearBank Charles McManus said the move is part of a wider global expansion strategy, with the company soon fulfilling Euro clearing under the new banking licence and “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,” continued McManus. “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 said that it chose the Netherlands for its European headquarters due to its "strong economy, robust yet innovative regulatory regime, and thriving FinTech ecosystem."

The new European company, located in Amsterdam, launched on Friday, with over 60 new members of staff to be hired over the next five years.

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," said Rintse Zijlstra, chief executive, ClearBank Europe. "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.”  

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