ClearBank has expanded into Europe, securing a Dutch banking licence to offer Euro settlement services and banking solutions, marking the first step in its international growth strategy.
The newly established ClearBank Europe N.V. has secured a Credit Institution Licence from the European Central Bank (ECB), under the supervision of De Nederlandsche Bank.
Headquartered in Amsterdam, the company also plans to hire over 60 staff in the next five years to support its expansion fuelled by more than €70millon investment into its European operations.
“We’re thrilled to be open for business in Europe – and this marks the first milestone in our global expansion strategy,” said Charles McManus, CEO at ClearBank. “We will soon fulfil client demand for Euro clearing, as well as Sterling, wth the US Dollar coming next.
“ClearBank has succeeded in one of the most competitive fintech environments in the world, demonstrating the strength of our people, technology, and business model. We will take these strengths and carefully evolve our proposition to help institutions across the continent address their unique set of challenges and opportunities.”
Rintse Zijlstra, appointed CEO at ClearBank Europe, also added: “With changing regulations impacting banks and payment providers across Europe – many of which will require major overhauls of technology infrastructure – we are best-placed to help our clients deliver compliant, next-generation banking and payments services.
“ClearBank was purpose-built to enable the banking services of tomorrow and our expansion will see us support new and existing clients in their European growth.”
The bank aims to leverage its cloud-native platform and central bank-held client funds to provide efficient, scalable services without the legacy issues common in traditional banking. This move also builds on ClearBank’s success in the UK, where it has grown rapidly and serves major clients, and is part of its broader strategy to meet client demand for modern banking solutions across Europe.
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