ClearBank
Key Data
- Trading Name: ClearBank
- Legal Entity: ClearBank Ltd.
- Activities: Banking Platform
- Location: London, UK
- Regulations: regulated by the Financial Conduct Authority
- Key People: CEO Charles McManus
ClearBank is a supplier of embedded banking services in the UK and the only next generation payments provider with direct access to all banking payment schemes in the UK (e.g. Faster Payments, BACS, CHAPS), serving over 13 million real and virtual bank accounts to businesses and their consumers.
Offering
ClearBank positions itself as a modern alternative to traditional banking systems by leveraging its cloud-based infrastructure to provide comprehensive banking and payment services. Their offering is designed to appeal to fintechs, payment service providers, and even crypto platforms through a robust suite of APIs. While their real-time processing and direct access to major UK payment schemes like Faster Payments and Bacs are strengths, the critical perspective reveals potential challenges in maintaining stringent regulatory compliance across diverse financial sectors. Additionally, their dependency on technology necessitates rigorous cybersecurity measures to prevent breaches and ensure data integrity.
Their products include:
- Accounts
- Clearing
- Embedded Banking
- Explore our API
Regulation
ClearBank Ltd. is authorized by the Prudential Regulation Authority and regulated by both the Financial Conduct Authority and the Prudential Regulation Authority (Financial Services Register number: 754568). The registered address is ClearBank, Borough Yards, 13 Dirty Lane, London, SE1 9PA.
Serving Industries
- Acquirers
- Banks
- Building societies and credit unions
- Digital asset platforms
- Fintechs
- Pre-regulated firms
- Wealthtechs
Customer Reviews
Google: 1,9 Stars with 50+ Reviews
Trustpilot: 1,9 Stars with 10+ Reviews
“ClearBank’s Trustpilot reviews reveal significant areas of concern despite some positive feedback. While users commend the platform for its efficient payment processing and robust API integration, many reviews highlight serious issues. Customers frequently report difficulties with account setup, unresponsive customer service, and unresolved technical problems. Some users express frustration over delayed transactions and lack of clear communication from the support team. These recurring problems suggest that ClearBank may struggle with consistency in service delivery and customer support, which undermines its credibility and reliability in the competitive fintech and banking sectors”
People
Statement from the UK Companies House:
- “The company knows or has reasonable cause to believe that there is no registrable person or registrable relevant legal entity in relation to the company”
Former Persons with significant control:
- Renata Kellnerova (Renáta Kellnerová (born 4 July 1967) is the widow of Czech billionaire entrepreneur and the founder of the PPF Group Petr Kellner)
- John Carter Risley (John Carter Risley OC (born April 26, 1948) is a Canadian billionaire businessman with interests in fisheries, food supplements, and communications. He is the co-founder of Clearwater Seafoods.)
Fundings
ClearBank has successfully raised a total of $627 million in funding over multiple rounds. The most significant investment occurred in March 2022, when the company secured $230 million (approximately £175 million) from Apax Digital and other existing investors such as CFFI UK Ventures and PPF Financial Holdings. This funding is intended to accelerate ClearBank’s international expansion, beginning with Europe and extending to North America and Asia Pacific (TechCrunch) (ClearBank) (Finovate).
Partnerships
ClearBank has established several key partnerships to enhance its services and expand its reach. Notable collaborations include:
- Tide
- LemFi
- Volopa
Conclusion and Rating
ClearBank meets all technical compliance requirements and is fully regulated by the Prudential Regulation Authority (PRA) and the Financial Conduct Authority (FCA). They offer a robust and secure banking infrastructure with comprehensive anti-money laundering and counter-terrorism financing protocols.
However, significantly negative customer reviews on platforms like Trustpilot highlight serious weaknesses in customer support and service quality. Frequent issues include difficult account setup processes, slow response times from customer service, and technical problems. Due to these considerable shortcomings in customer satisfaction, we rate ClearBank as ORANGE.
