ClearBank has announced that it has reached profitability, having generated more than £45 million in year-to-date revenue.

The FinTech bank said it had nearly tripled its 2022 revenue compared to the same period last year, with financial year 2021 marking the second consecutive year that ClearBank’s revenue grew by over 100 per cent.

Earlier this year, the UK clearing and embedded banking platform announced a £175 million equity investment.

ClearBank now provides services to more than 200 financial institutions, including recent partnerships with Raisin, and Kroo. The bank said it now manages around 17 million bank accounts with £3 billion held in balances.

The growth seen in 2022 has been driven primarily by growing transaction volumes, new customers, interest income, and the ramp-up of the bank’s new FX and multicurrency proposition, the bank said.

“In the last few years, we have seen the market shift from agency banking services to BaaS and now Embedded Banking driven by the demand from institutions and increasingly brands to integrate sophisticated and regulated financial services into their customer offerings,” said Charles McManus, chief executive at ClearBank. “As the macro-economic environment continues to be turbulent, there is a renewed focus on the security, resilience and utility offered by fully licensed banking products that unlock the potential of businesses and their customers while ensuring peace of mind.”

Share Story: