ClearBank sees income nearly triple to £58m in 2022
UK-based clearing and embedded banking platform ClearBank has announced it “nearly tripled” its income to £58 million in 2022 despite challenging macroeconomic conditions.
The strong results come after the firm announced it had achieved monthly profitability for the first time in Q4 last year.
ClearBank nearly tripled its income in 2022
In its latest annual report, ClearBank says the rise in income can be attributed to an increase in both net transaction fees (up by 43% year on year) and fixed platform fees (up by 23% year on year). Its customer base rose by 22% and deposits grew to £3.7 billion, with a 20% increase seen in the week following the collapse of Silicon Valley Bank (SVB).
ClearBank kicked off 2022 with a £175 million funding round led by Apax Digital. This was followed by a number of partnerships with various fintech firms including 3S Money, Kroo, Ziglu and Raisin.
The firm also hired a new chief revenue officer last year and brought in Mark Fairless as its new chief financial officer at the start of 2023.
“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,” says Fairless.
He adds the company will aim to become “capital generative in the UK on a sustainable basis” and expects to remain profitable through 2023 as it plots its European expansion.
