British embedded banking platform ClearBank has raised £175m in a funding round led by Apax Digital.
Further investment came from previous investors CFFI UK Ventures and PPF Financial Holdings BV.
London-based ClearBank will use the equity funding for international growth, first in Europe then in North America and Asia Pacific.
ClearBank will introduce direct API-based access to interbank payment schemes such as SEPA, multi-currency accounts and more Foreign Exchange Market services.
The London-based fintech says it is the UK’s first new clearing bank in over 250 years. A clearing bank is able to exchange cheques and payments between customers of other banks.
Existing clearing banks in the UK include Lloyds TSB, the Royal Bank of Scotland, Bank of Scotland and Clydesdale Bank.
ClearBank provides its services using cloud technology and is the latest example of neobanks challenging the status quo of the UK’s banking industry.
While the likes of…