At ClearBank, our purpose is to provide great technology that unlocks our clients’ potential, ensuring everyone has the freedom to choose the financial services they need.
In 2024 we became Europe’s newest bank and delivered continued profitability at our UK bank.
A message from our CEO, Mark Fairless
2024 was a pivotal moment in ClearBank’s trajectory as we evolved from a UK bank to an international one after securing our European banking licence. We also saw sustained profitability at the UK Bank, reflecting the strength of our model and the ongoing growth of our UK client base.
Obtained our European banking licence
We obtained our European banking licence in July 2024 and shortly afterwards launched our European business. By the end of the year, we had six live European clients and had become scheme participants of T2 (Target 2), SEPA Instant and SEPA Credit Transfer (SEPA CT).
56% increase in transaction volumes
We opened a record number of accounts and processed a record volume of transactions. Total payment scheme volumes reached 167m transactions, a 55% increase from 2023 driven by a significant rise in open banking account-to-account transactions utilising the Faster Payments (FPS) scheme.
54% of revenue from fee and net transaction income
We shifted our focus towards driving fee income and reducing our exposure to interest rate sensitivity. The results – we’ve seen a significantly improved quality of earnings and by the end of 2024, fee-based income accounted for c.50% of our total income (up from 30% in 2023).
£11bn in client deposits
In the UK, we surpassed £10bn in deposits for the first time, a 77% increase year on year. The UK bank now serves over 250 clients, broadening existing relationships and generating new business with some of the industry’s leading brands. 40 new clients onboarded with us over the course of the year.
43% growth in FSCS accounts
Our embedded banking proposition continued to grow, leading to a substantial increase in the number of Financial Services Compensation Scheme (‘FSCS') protected accounts, from 1.2m in 2023 to 1.7m by the end of 2024. This was driven by our embedded banking client base doubling with Capital on Tap, Revolut and Wealthify joining Chip, Tide and Raisin.
40% reduction in carbon intensity per payment
We continued our focus on operational efficiency, with both carbon emissions per payment (-39%) and per employee (-20%) seeing further progress. We improved our product carbon emission measurement and aim to lead our industry in providing clients with lifecycle emissions data for our products by 2026.
Emma Hagan, CEO, ClearBank UK
Highlights from the UK bank where we opened a record number of accounts, processed a record volume of transactions and saw client deposits surpass £10bn for the first time.
Mark Fairless, CEO, ClearBank
Highlights and key insights from our financial performance. A year marked by international expansion and significant underlying growth, with improved revenue quality and investment in our scalability.
Key highlights on our results
Learn more about our performance and financials
Further reading
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