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ClearBank nearly triples income after reporting first monthly profit

ClearBank income
ClearBank CEO Charles McManus. Image credit: ClearBank

ClearBank, an embedded banking provider, has nearly tripled its year-on-year income to £58m in 2022. The income for the year ending 31 December is a significant increase from 2021’s £21m.

The fintech said it achieved monthly UK profitability for the first time last year, despite turbulence in the sector.

According to the company’s full-year 2022 financials, the boost in income was largely fuelled by a 43% increase in net transactions and a 23% increase in fixed platform fees.

ClearBank also grew its customer base by 22%. It primarily serves clients in the fintech sector, including eToro, Tide, and Coinbase.

“2022 was a landmark year for ClearBank – we’ve grown exponentially, onboarded fantastic new clients and been one of the few new banks globally to reach profitability,” said Charles McManus, CEO of ClearBank.

“On top of this, we’ve secured the investment to fuel the next phase of ClearBank’s journey – international expansion.”

ClearBank raised £175m in March last year from a funding round led by Apax Digital.

Mark Fairless, CFO of ClearBank, added: “With economic uncertainty continuing into 2023, the security and resilience offered by ClearBank is crucial to unlocking the potential of our clients and their customers, helping them to continue to innovate, differentiate and grow.”

“Our business model is unique in the industry, and maintaining our policy of holding all our GBP balances securely at the Bank of England remains a core part of our client proposition.”

The first quarter of 2023 has shown no signs of easing pressure on financial institutions, demonstrated by the shock collapse of Silicon Valley Bank last month.