ClearBank secures £175m from Apax Digital to fund international expansion
Apax Digital led a £175m growth equity investment in ClearBank to accelerate international expansion and broaden its product range.
ClearBank provides next generation clearing and embedded banking platforms for financial institutions and fintech customers in the UK. The company delivers direct access to bank payment schemes and scalable bank accounts with deposit protection.
ClearBank has secured £175m in a private equity growth investment led by Apax Digital, with participation from existing backers CFFI UK Ventures and PPF Financial Holdings. The capital will be deployed to fund international expansion, initially targeting Europe before moving into North America and Asia Pacific. Additional plans include broadening the product suite to feature direct API access to interbank payment schemes like SEPA, alongside enhanced multi-currency accounts and foreign exchange services. The transaction remains subject to approval from the Prudential Regulation Authority and the Financial Conduct Authority.
From the founder
"ClearBank is the first proven and fully regulated cloud-native clearing bank in the UK for over 250 years. Over the last five years we have demonstrated the success of our business model and through our work with leading financial service providers, helped to both unlock their potential and bring about positive and meaningful change for UK businesses and consumers."
Charles McManus
CEO at ClearBank
Investor perspective
"All companies are becoming fintech companies, and ClearBank is providing the clearing and embedded banking infrastructure for them – starting with fintechs themselves. We’ve seen the power of its platform first-hand, and we are excited to partner with Charles and the existing shareholders to take ClearBank global."
Mark Beith
Partner, Apax Digital
Use of funds
- 01Expand into international markets
- 02Continue product development
