ClearBank, a British bank specialising in real-time clearing and embedded banking, has secured a European banking license from the European Central Bank, with oversight by De Nederlandsche Bank.
With the new license, ClearBank is set to expand its operations across Europe, now offering Euro accounts in addition to Sterling, according to Finextra.
The bank has established its central European headquarters in Amsterdam and plans to grow its team by adding 60 new employees over the next five years.
This move marks a significant milestone for ClearBank, which operates on a cloud-native platform, enabling real-time agility that sets it apart from traditional banks reliant on legacy systems.
CEO of ClearBank Europe, Rintse Zijlstra, commented, “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.”
Charles McManus, CEO at ClearBank, stated, “We’re thrilled to be open for business in Europe – and this marks the first milestone in our global expansion strategy. We will soon fulfil client demand for Euro clearing, as well as Sterling, with the US Dollar coming next. ClearBank has succeeded in one of the most competitive fintech environments in the world, demonstrating the strength of our people, technology, and business model. We will take these strengths and carefully evolve our proposition to help institutions across the continent address their unique set of challenges and opportunities.”
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