ClearBank has reported an increase in group revenues and UK profits as it expands around Europe.
The embedded banking FinTech, which recently appointed a new CEO, said revenues climbed 30% to £112.1m in the year ended 31st December 2024, with total deposits managed growing to £10.8bn, up 77% from 2023.
Its UK business maintained profitability for the second year running, recording a £9.9m pre-tax profit on an adjusted basis in FY 2024, versus £25.3m in FY 2023.
Reporting at a group level for the first time – as a result of costs related to the European expansion and the implementation of a new group structure – ClearBank posted a pre-tax loss of £4.4m.
In 2024 it secured a European banking licence from the European Central Bank (ECB) under the supervision of De Nederlandsche Bank (DNB).
Building on this, it has expanded to 11 European markets to date.
ClearBank now serves more than 250 clients, having added 40 new clients to its portfolio in 2024, generating new business with some of the industry’s leading brands, including Revolut and Wealthify.
“We have realised a number of our key strategic priorities in 2024, turning particular attention to international expansion, and significantly improving our earnings quality, as we build a more efficient and scalable business model that stands the test of time,” said Mark Fairless, CEO.
“We have made strong progress, cementing our position as the enabler of real-time clearing and embedded banking, and setting the pace for the industry.
“Building on our continued profitability in the UK, we are poised to increase our market share across Europe to further support our clients’ growth, as well as continuing to push boundaries through product innovation.
“With the investments made last year, we are well-positioned for long-term, sustainable success as we work towards our ambition to become a global leader.”
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