ClearBank secures new Credit Institution Licence from the ECB to expand into Europe
ClearBank Europe N.V., the newly established European entity of London-based clearing and embedded banking firm ClearBank, has been granted a Credit Institution Licence from the European Central Bank (ECB), supervised by De Nederlandsche Bank (DNB).
ClearBank bags Credit Institution Licence from the ECB
The new licence will enable ClearBank to expand its services into Europe, with the company saying the move marks the “first step in ClearBank’s international growth plans”.
The newly secured Dutch banking licence will enable ClearBank to offer euro accounts and payments in addition to pounds sterling, with the firm gaining access to leading European payment rails including TARGET2 (T2), SEPA Credit Transfer, and SEPA Instant Credit Transfer.
In addition, ClearBank’s new European arm will provide multi-currency and FX services to its customers on the continent.
ClearBank Europe N.V. will be headquartered in the Netherlands, chosen for its “strong economy, robust yet innovative regulatory regime, and thriving fintech ecosystem,” according to the company. ClearBank also revealed plans to invest over €70 million in its European operations and hire more than 60 new employees over the next five years.
Commenting on the firm’s new licence, Charles McManus, ClearBank’s CEO, states: “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”.
The news comes after ClearBank recorded its first full year of profitability in 2023.
