Embedded banking company ClearBank has expanded into Europe from the UK.
The newly formed ClearBank Europe NV is headquartered in the Netherlands and holds a Dutch banking license. According to a press release on Friday (August 9), the company will provide pan-European payments and embedded banking services to UK and European institutions.
“We are excited to launch our operations in Europe, marking the first milestone in our global expansion strategy,” Clearbanc CEO Charles McManus said in the release. “We will soon be able to meet customer demand for euro payments in addition to pounds sterling, and U.S. dollar payments next.”
According to a press release, ClearBank has received a new credit institution license from the European Central Bank, allowing it to offer operational accounts, virtual accounts and access to major European payment systems under the supervision of Dutch banks.
Clearbank Europe NV will also provide multi-currency and foreign exchange (FX) services to European clients, upgrade Clearbank UK's FX capabilities and roll out embedded banking services to European clients, according to the release.
The company's services are built on a real-time, cloud-native platform that can be accessed through a single API, according to the release. The platform stores client funds at a central bank (for maximum security, according to ClearBank) and enables efficient, cost-effective transactions.
“Regulatory changes affecting banks and payment providers across Europe, many of which require a significant overhaul of their technology infrastructure, mean we are perfectly positioned to help our clients deliver next-generation compliant banking and payments services,” Clearbank Europe CEO Linze Zijlstra said in the release.
McManus said in April that Clearbank had applied for a banking license in the Netherlands and was considering launching in the U.S. by 2026 through an acquisition.
Clearbank also announced in April that it would post its first pre-tax profit of 18.4 million pounds ($23.5 million) in fiscal 2023, after posting a loss of 7.1 million pounds ($9.1 million) in fiscal 2022.
“We've provided resilience and stability in an uncertain market and have built the services our customers need, including best-in-class embedded banking services,” McManus said in a press release at the time. “But this is just one step on the journey, not the finish line.”
Read more: APIs, Banking, ClearBank, Digital Banking, Embedded Banking, Embedded Finance, Europe, International, News, PYMNTS News, UK, Featured News
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