ClearBank has reached a major milestone, crossing £1 billion in deposits held on behalf of its fintech and financial services clients. The London-headquartered firm, which provides real-time clearing, embedded banking, and regulated accounts infrastructure to over 200 institutional clients, said the figure represents a 120 per cent increase from the £455 million reported at the same point last year. The growth has been driven by a wave of fintech firms seeking compliant, UK-regulated banking infrastructure without building it themselves.

Founder and CEO Charles McManus said the milestone validates ClearBank's model of providing the regulated plumbing that fintechs need to scale. "Every fintech that wants to hold customer funds, process payments, or offer savings products needs access to the Bank of England's payment rails," McManus explained. "We provide that access through a single API integration, which means our clients can launch in weeks rather than the years it would take to obtain their own banking licence." ClearBank counts Chip, Wealthify, and several crypto platforms among its growing client roster.

The Banking-as-a-Service sector in the UK has attracted significant investor attention, with market research firm Allied Market Research estimating the global BaaS market will reach $67 billion by 2028. ClearBank, which became profitable in 2023, is now benefiting from rising interest rates that have dramatically improved the economics of its deposit-holding model. The company earned £45 million in net interest income during the first half of 2025, transforming what was historically a low-margin infrastructure play into a highly profitable business.