ClearBank: Achieves Monthly UK Profitability and Nearly Triples YoY Income to £58m in 2022
- ClearBank’s 2022 Annual Report reveals it nearly tripled its income to £58m in 2022 (+173% YoY)
- A combination of fully licensed banking services with a next-generation technology platform fueled its accelerated growth
- Income growth was driven primarily by an increase in the net transaction (+43% YoY) and fixed platform fees (+23% YoY)
- Bank anticipates continuing UK profitability through 2023 as it plans expansion into Europe in H2
- The first quarter of 2023 has seen numerous systemic events within financial services, including the failure of the Silicon Valley Bank
- Despite the challenges, It has seen positive momentum with an increase in deposits to £3.7 billion, record transaction
