ClearBank secures new Credit Institution Licence from the ECB to expand into Europe

ECB Credit Institution Licence:
- ClearBank Europe N.V., the European entity of London-based ClearBank, has been granted a Credit Institution Licence by the European Central Bank (ECB), supervised by De Nederlandsche Bank (DNB).
- The licence allows ClearBank to expand its services into Europe, offering euro accounts and payments alongside its existing pound sterling services.
European Payment Rails Access:
- With the new licence, ClearBank can access European payment systems such as TARGET2 (T2), SEPA Credit Transfer, and SEPA Instant Credit Transfer.
- The company will also provide multi-currency and foreign exchange (FX) services to its European customers.
Headquarters and Investment:
- ClearBank Europe N.V. will be headquartered in the Netherlands, chosen for its strong economy, innovative regulatory regime, and thriving fintech ecosystem.
- ClearBank plans to invest over €70 million in its European operations and hire more than 60 employees over the next five years.
Global Expansion Strategy:
- This development is part of ClearBank’s international growth strategy, with plans to offer euro clearing soon and to introduce US dollar services in the future.
Financial Performance:
- The expansion news follows ClearBank’s first full year of profitability in 2023, highlighting its strong financial position as it embarks on this new phase of growth.