Coinbase partner ClearBank posts first full-year of profit

From CNBC: 2024-04-04 02:07:05

ClearBank, a British fintech firm, reported its first full year of profit in 2023, achieving an £18.4 million pre-tax profit, up from a £7.1 million loss in 2022. Revenue jumped 91% to £111.3 million, driven by high interest rates and increased deposits. Major customer Tide offered a 4.33% interest rate.

ClearBank’s profit growth was fueled by a 142% increase in net interest income to £81.9 million, as deposits reached £6.1 billion. The collapse of Silicon Valley Bank led to a rise in deposits at ClearBank, attracting customers seeking alternatives. Founded in 2015, ClearBank is a regulated clearing bank in the U.K.

CEO Charles McManus stated that ClearBank is not in a rush for an IPO, focusing on expanding to the U.S. market first. Brexit has affected the firm’s efforts to obtain a banking license in the EU. With plans for a full EU banking license later this year, ClearBank is navigating challenges post-Brexit for British fintech firms.



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