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ClearBank expands into Europe with Dutch banking licence

ClearBank European
ClearBank CEO Charles McManus. Image credit: ClearBank

London-based fintech ClearBank has secured a Dutch banking licence, allowing the group to expand to the European Union.

The embedded banking company has been eyeing up international expansion for some time, having appointed a UK CEO in February to oversee its domestic operations as it pursues growth elsewhere.

Now with a Credit Institution Licence approved by the European Central Bank and De Nederlandsche Bank, the group will make its first international expansion.

“We’re thrilled to be open for business in Europe – and this marks the first milestone in our global expansion strategy,” said CEO Charles McManus.

“ClearBank has succeeded in one of the most competitive fintech environments in the world, demonstrating the strength of our people, technology, and business model.

“We will take these strengths and carefully evolve our proposition to help institutions across the continent address their unique set of challenges and opportunities.”

After establishing its European presence, the company will set its sights on expanding to the US.

The company said it chose the Netherlands as its EU headquarters due to its robust regulatory regime.

ClearBank’s European operations, under the name ClearBank Europe N.V., will be run by Rintse Zijlstra, who was appointed as Europe CEO in 2023.

“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 Zijlstra.

“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.”

The EU headquarters are in Amsterdam with over 60 new staff expected to be hired in the next five years.

In April, ClearBank posted its first full year of profit since launching in 2015, netting £18.4m.

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