One of Britain’s leading financial technology companies is close to securing more than £175m in funding led by the digital investment arm of Apax Partners, the private equity firm.
Sky News has learnt that Apax Digital is to spearhead a capital injection for ClearBank, which is run by chief executive Charles McManus.
The deal, which will be formally announced in the coming days, will represent another vote of confidence in the UK fintech sector at a time when the industry is receiving unprecedented levels of investment.
Image: The deal represents another vote of confidence in the UK fintech sectorClearBank is the first new UK clearing bank to have launched in 250 years and counts hundreds of UK businesses, including Coinbase, Oaknorth Bank and Tide among its clients.
Alongside Apax Digital, existing ClearBank investors CFFI UK Ventures and PPF Financial Holdings also participated.
AdvertisementCollectively, ClearBank provides more than 13 million accounts to the customers of its fintech partners.
The funding will be used in part to accelerate the company’s international expansion.
More from BusinessMr McManus said: “Over the last five years we have demonstrated the success of our business model and through our work with leading financial service providers, helped to both unlock their potential and bring about positive and meaningful change for UK businesses and consumers.
“Our revenue growth is the proof of the momentum we have been gathering since 2017.
“It is this proof point and our transformative effect on access to banking services, traditionally a space characterised by high barriers to entry, which has given us the credibility to partner with and deliver seamless and secure embedded banking for award winning financial institutions, powerful fintech disrupters and government bodies alike.”
Mark Beith, partner at Apax Digital, said: “All companies are becoming fintech companies, and ClearBank is providing the clearing and embedded banking infrastructure for them – starting with fintechs themselves.”