Winner of Deloitte Fast 50
ClearBank today announced that it ranked number 1 in the 2021 Deloitte UK Technology Fast 50, a ranking of the 50 fastest-growing technology companies in the UK. Rankings are based on percentage revenue growth over the last four years. ClearBank grew 21,569 per cent during this period. This growth in revenue for ClearBank has been accompanied by more recent growth in other areas of the business since September 2020, including a 56% increase in customer acquisition, a rise of over 270% in customer balances and 325% more in monthly transaction volume.
ClearBank already powers approximately 1% of Faster Payments in the UK and that market share is accelerating rapidly – in 2020, a total of £2.1 trillion was transferred in the UK using this method. Its B2B offerings, centred around agency banking and banking-as-a-service (BaaS) meet the needs of a range of financial service providers, who themselves have both business and consumer end-users. This means that unlike many other BaaS providers, ClearBank does not offer products or services that compete with those of its customers.
ClearBank’s CEO, Charles McManus, credits in-house talent, solid industry relationships and a commitment to compliance for the company’s 21,569 per cent revenue growth over the past four years. He said, “The entire ClearBank team is elated that we’ve been awarded the number one spot on Deloitte’s UK Technology Fast 50 list."
“This win is testament to our talented team who believed they could do something that had never been done before and build a cloud-based clearing bank. Our technological innovation, robust regulatory foundation and strong industry relationships have all helped us to get to this point.”
“This is only the beginning of an exciting journey for ClearBank. We’ve worked tirelessly to power front-end fintechs with FSCS-protected accounts and enable accessible and secure financial transactions for SMEs – without competing with their own propositions.”
“We have yet more firsts to announce before the close of the year, which will allow us to build upon our foundation of delivering the simplicity that customers have come to expect. As we continue to innovate, our focus will remain on making digital transactions as accessible, efficient and cost-effective as they can and should be.”
Duncan Down, lead partner for the Deloitte UK Technology Fast 50 programme, said: “Making the Deloitte UK Technology Fast 50 is a testament to a company’s commitment to technology. With its 21,569 per cent growth rate over four years, Clearbank has proven that its leadership has the vision and determination to grow in competitive conditions.”
He continued: “The extraordinary growth of this year’s Fast 50 represents the remarkable tenacity of the UK’s technology industry. Deloitte’s 2021 Fast 50 awards are a clear demonstration of the wealth of talent, creativity, and entrepreneurship in the UK’s technology industry today.”