Real-time clearing and embedded banking provider ClearBank has expanded into Europe, having received its Dutch banking licence.
ClearBank Europe NV has secured a Credit Institution Licence from the European Central Bank, under the supervision of De Nederlandsche Bank.
The new banking licence allows ClearBank to provide euro accounts and payments, in addition to sterling, including operating accounts, virtual accounts, and access to major European payment rails, such as SEPA Credit Transfer, SEPA Instant Credit Transfer and TARGET2 (T2).
ClearBank Europe NV will also offer multi-currency and FX services to its European clients and will upgrade ClearBank UK’s FX capabilities.
Embedded banking services will soon be rolled out to ClearBank’s European clients, with protected bank accounts and funds held under the Deposit Guarantee Scheme.
Charles McManus, chief executive officer of ClearBank
“We’re thrilled to be open for business in Europe – and this marks the first milestone in our global expansion strategy,” said Charles McManus, chief executive officer of ClearBank.
“We will soon fulfil client demand for euro clearing, as well as sterling, with the US dollar coming next.”
Rintse Zijlstra has been appointed as chief executive officer of ClearBank Europe.
ClearBank’s European headquarters, located in Amsterdam, have opened, with more than 60 new members of staff to be hired in the next five years.
Zijlstra added: “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.
“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.”
In April, ClearBank reported its first full-year of profitability, with pre-tax profits of £18.4 million in its 2023 annual report, compared to a loss of £7.1 million in 2022.
The company said the results were driven by an increase in embedded banking end-customers and growth in fees.
ClearBank is a partner of Open Banking Expo UK and Europe 2024, which takes place across 15-16 October in London. Paul Staples, group head of embedded banking will be speaking at the Expo. Click here to find out more about the agenda, and how to exhibit and sponsor.
