ClearBank Europe N.V., the newly formed European entity of London-based clearing and embedded banking firm ClearBank, has been granted a Credit Institution Licence by the European Central Bank (ECB), under the supervision of De Nederlandsche Bank (DNB).
This licence marks a significant milestone in ClearBank’s international expansion strategy, enabling the firm to extend its services into the European market. With this new licence, ClearBank will be able to offer euro accounts and payments in addition to pounds sterling, gaining access to key European payment systems including TARGET2 (T2), SEPA Credit Transfer, and SEPA Instant Credit Transfer.
Furthermore, ClearBank Europe N.V. will provide multi-currency and foreign exchange services to its European customers. The new European headquarters will be based in the Netherlands, chosen for its strong economy, innovative regulatory environment, and vibrant fintech ecosystem. ClearBank plans to invest over €70 million in its European operations and create more than 60 new jobs over the next five years.
Charles McManus, CEO of ClearBank, commented, “This licence represents the first step in our global expansion strategy. We are poised to meet client demand for euro clearing, alongside sterling, with plans to include US dollar services in the near future.”
