ClearBank, an embedded banking provider, has turned a profit for the first time.
In Brief:
ClearBank has tripled its revenues from the same period last year.
It secured £45.4mn year to date revenue up to October 2022.
The organisation currently supports over 200 customers including Chip and Raisin.
What does this mean?
Amid many FinTechs cutting back, ClearBank has not only announced profitability but an intention to continue scaling the business. CEO Charles McManus says the focus is building on the success of this year to expand into Europe next year and the US “soon after”.
