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

ECB Licence Granted:
- ClearBank Europe N.V., the European branch of ClearBank, has been granted a Credit Institution Licence by the European Central Bank (ECB), under the supervision of De Nederlandsche Bank (DNB).
Service Expansion:
- The licence allows ClearBank to expand its services into Europe, including offering euro accounts and payments, in addition to its existing pound sterling services.
European Payment Rails Access:
- ClearBank gains access to key 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:
- The new entity will be headquartered in the Netherlands, chosen for its strong economy, innovative regulatory environment, and active fintech ecosystem.
- ClearBank plans to invest over €70 million in its European operations and hire more than 60 new employees over the next five years.
Global Expansion Strategy:
- This development marks the first step in ClearBank’s international growth strategy, with plans to offer US dollar services following the euro and sterling offerings.
Financial Performance:
- The expansion follows ClearBank’s first full year of profitability in 2023, indicating strong financial health as it moves into new markets.