ClearBank boosts profits as it looks to expand internationally

Clearbank profits Image credit: ClearBank

Embedded banking company ClearBank has doubled its revenue from last year, landing it with a pre-tax profit of £5.9m for the first half of the year.

In its latest financial report, the fintech posted nearly £50m in revenue, with deposits growing by 80% to £5.4bn.

The company’s finance chief, Mark Fairless, said: “I don’t think the half one results we’re looking at here are an aberration, I think they are an indication of the direction we are moving”.

ClearBank, which provides the underlying tech embedded into other financial services, intends to expand its services beyond the UK, with the hope of a European business acting as a “catalyst” for further growth next year.

“We want to be one of the best… and it’ll take going to Europe and the US to establish that infrastructure right across the globe and service more of our global customers in those currencies is most definitely our ambition,” said ClearBank CEO Charles McManus.

McManus added that there are currently no plans to IPO as the firm is comfortably funded and not in need of additional investment.

ClearBank joined the relatively small group of UK fintech’s that have achieved profit last year, hitting its first monthly profit in October 2022.

Other members of the UK fintech profitability club include OakNorth, Starling Bank and Zopa.