ClearBank reports a 3x increase in the YTD revenues

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ClearBank has reported a nearly threefold increase in its January to October 2022 revenues. During this period, the company reported revenues of £45.4 million, which was a notable increase compared to the same period last year.

ClearBank’s revenues increase 3x

ClearBank is a clearing and embedded banking provider based in the UK. The bank was created in 2015 and reached monthly profitability in October. The financial institution provided these details in its year-to-date performance for the 2022 fiscal year.

The bank based in the UK has also added that the revenue growth is driven by a rise in transaction volumes, new customer sales, forex, multi-currency offerings, and interest income.

The firm further added that it “now supports over 200 financial institutions, including Chip, Raisin, and Recognize Bank. With 17.5 million bank accounts and £3 billion held in balances, ClearBank has dramatically increased in scale.”

While also explaining its growth, ClearBank said it was expanding its offerings. The company planned to achieve this by launching multi-currency accounts and international payments supported using 11 currencies and 65 forex currency pairs.

Moreover, the bank would also focus on its “faster Payments Originating Overseas product to enable its partners to use Faster Payments to process GBP payments that have originated outside of the UK.”

ClearBank’s focus on expansion

In June this year, ClearBank announced a partnership with Ziglu as part of its expansion plan. The partnership aimed to provide agency banking services to the money app based in the UK.

Through this partnership, Ziglu provided virtual GBP bank accounts to its customers. ClearBank facilitates this by offering real-time processing and reporting capabilities.

In March this year, ClearBank raised £175 million in funding to support its global expansion. The funding round was spearheaded by Apax Digital. The other firms participating in the funding round include CFFI UK Ventures and PPF Financial Holdings.

The CEO of ClearBank, Charles McManus, commented on the recently released revenues saying that the company was expanding rapidly. The company was also focused on building on the success of 2021 and 2022. Going ahead, the company expected to see similar successes, including its scheduled expansion into Europe in 2023 and expansion to the US.

The financial results come despite a study showing that fintech companies in the UK were struggling with BaaS services, with 20% losing funds in product delays.

About Ali Raza PRO INVESTOR

Ali is a professional journalist with experience in Web3 journalism and marketing. Ali holds a Master's degree in Finance and enjoys writing about cryptocurrencies and fintech. Ali’s work has been published on a number of leading cryptocurrency publications including Capital.com, CryptoSlate, Securities.io, Invezz.com, Business2Community, BeinCrypto, and more.