Annual Report and Accounts


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Our combination of fully licenced banking services, next-generation technology platform and embedded banking proposition has delivered twelve months of expansion and significant, sustained momentum.

The result is a full financial year of profitability.

A message from our CEO, Charles McManus

2023 was a significant year for ClearBank, our first full financial year of profitability. That result is a testament to the strength of our model, our skilled and tenacious employees, and the prowess of our diverse client base.

Key insights

Scale On Your Terms

Full financial year of profitability

2023 was a milestone year for us characterised by significant and sustained growth, achieving a full financial year of profit before tax of £18.4m. This was achieved by growth across all lines of our business, underpinning strong revenue performance. The results are a testament to the strength of our model and the ongoing expansion of our diverse client base.

Resilient To The Core

Record breaking transaction volumes

ClearBank opened a record number of accounts on behalf of our clients and processed a record volume of transactions. By the end of 2023, the total number of bank accounts held across all our product offerings reached 10m, a 22% increase. This in turn supported higher payment volumes which totalled 108m for the year, a 54% increase.


Doubling of customer deposits

Our embedded banking proposition continued to grow, up 93% YoY to 1.2m FSCS-protected bank account holders. Our collaboration with Tide has now reached 10% of the UK’s SME market, a remarkable achievement considering the competitive environment. The result was an increase in total customer deposits from £3bn to £6.1bn, with all sterling funds held safely at the Bank of England.

Future Optimism

Driving transformation in financial services

ClearBank has built a reputation as the industry leader and enabler of real-time clearing and embedded banking. We now serve more than 220 clients and have signed significant multi-year deals with some of the industry’s leading brands. As a result, we're playing a crucial role in facilitating transformational change in the UK financial services market.

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Enhancing diversity, equity, and inclusion

ClearBank recognises that diversity is vital to the success of the business, driving innovation, growth and, ultimately, more robust decisions and outcomes. As a member of the Women in Finance charter, We're committed to supporting the progression of women in senior roles in the financial services sector. By the end of 2023, 43% of leadership positions at ClearBank are held by women, a 4% increase and ahead of our target of 42%.


Ensuring safety and scalability

2023 achievements include: the introduction of Consumer Duty with refreshed policies, procedures, processes, and management information; delivery of changes associated with and the improvements to Real Time Gross Settlement (RTGS) and CHAPS and; implementation of enhanced transaction monitoring capabilities to continue our commitment to preventing and detecting financial crime.

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Mark Fairless, Chief Financial Officer

Highlights and key insights from our financial performance.

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Roshini Dhaliwal, Chief Human Resources Officer

Key people policy updates and DE&I performance in 2023.

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Emma Hagan, Chief Risk and Compliance Officer

Updates on our governance and risk initiatives.

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