UK-based transparency and established banking platform ClearBank have secured £ 175 million in cash flow led by Apax Digital.
Investment attendees CFFI UK Ventures (Barbados) Ltd and PPF Financial Holdings BV also contributed to the promotion.
ClearBank says the fund will increase “global demand for banking services for both financial institutions and non-financial brands, using its one-year API birth-based banking platform.”
The new talks will be used to accelerate its international growth, and the British company is planning the first step in Europe before expanding to North America and the Asia-Pacific.
ClearBank will also use this money to expand new offerings, including other FX services, direct API-based access to interbank payment systems such as SEPA, and personalized multi-currency accounts.
Launched in 2017, the cleanup bank claims to work for more than two hundred financial institutions and fintech clients including Tide, Coinbase, and OakNorth Bank. It has signed agreements with companies including 3S Money, Recognize Bank, and Chip for the past six months.
It currently has 13 million accounts and £ 3 billion is being deposited in loans at the Bank of England.
These funds are subject to approval by the Prudential Regulation Authority and the Financial Conduct Authority.