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ClearBank: Achieves Monthly UK Profitability and Nearly Triples YoY Income to £58m in 2022 | Fintech InShorts: Latest fintech news, analysis by experts
Monday, December 23, 2024

ClearBank: Achieves Monthly UK Profitability and Nearly Triples YoY Income to £58m in 2022

ClearBank: Achieves Monthly UK Profitability and Nearly Triples YoY Income to £58m in 2022

  • ClearBank’s 2022 Annual Report reveals it nearly tripled its income to £58m in 2022 (+173% YoY) 
  • A combination of fully licensed banking services with a next-generation technology platform fueled its accelerated growth
  • Income growth was driven primarily by an increase in the net transaction (+43% YoY) and fixed platform fees (+23% YoY)
  • Bank anticipates continuing UK profitability through 2023 as it plans expansion into Europe in H2
  • The first quarter of 2023 has seen numerous systemic events within financial services, including the failure of the Silicon Valley Bank
  • Despite the challenges, It has seen positive momentum with an increase in deposits to £3.7 billion, record transaction

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