ClearBank will use the funding to expand internationally as well as offer new products and services. Here are the top-line bullets you need to know.
ClearBank, an embedded banking platform, has raised $229M in growth equity funding from Apax Digital, CFFI Ventures, and PPF Group.
How’s the company performing?
- UK-based ClearBank operates as a cloud-based clearing bank in order to help banks and other financial institutions connect to the UK payments network.
- The company caters to over 200 customers, including Chip, Coinbase, Oaknorth Bank, and Tide, who collectively represent 13M accounts and nearly $4B in assets.
- The company has an office in Bristol.
Source: ClearBank
Why does the market matter?
- The global Banking-as-a-Service (BaaS) market is expected to reach a value of $2.3T by 2028, growing at a CAGR of 26.33%, according to Verified Market Research.
- The Covid-19 pandemic has accelerated efforts to digitize traditional finance methods and increased the demand for solutions to help manage the shift.
- The rise of decentralized finance and increasing governmental regulation of open banking have contributed to industry growth.
