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ClearBank posts first full year of profit, eyes overseas expansion

ClearBank profit
Image credit: Pandora Pictures / Shutterstock

Embedded banking company ClearBank has posted its first full year of profit since being founded in 2015.

The London-based fintech, which offers both clearing bank services and embedded banking tools, reported a profit of £18.4m for 2023, a considerable upswing from losing £7.1m the year before.

ClearBank reported total income year-on-year had grown 91% to £111.3m and deposits were up 103%, reaching £6.1bn.

“While the industry and the broader economy have faced significant challenges, our values of innovation and sustainable growth have led to our first full year of profitability—an incredible milestone in our journey,” said CEO Charles McManus.

“We have been able to offer resilience and stability in an uncertain market, building services our customers need, including a best-in-class embedded banking offering. But this is just one step on the journey, not the finish line.”

ClearBank has set its sights firmly on international expansion, with the current goal being securing an EU banking licence.

The company also appointed a UK CEO, Emma Hagan, in February to oversee operations in its home territory as it focuses on establishing growth elsewhere.

“Our success in 2023 places us in an excellent position for 2024—we have more customers in our pipeline than ever before, and we expect this to translate into significant growth in our recurring revenues,” said CFO Mark Fairless.

In November 2022, ClearBank posted its first monthly profit.

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