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ClearBank: a new entrant in the fintech-focused challenger bank arena

Monday 16 January 2017 | 09:29 AM CET

WorldPay’s founder Nick Ogden has announced plans to launch ClearBank, a fintech-focused challenger bank in the UK after receiving approval by financial regulators.

Ogden created WorldPay in 1997, focusing on providing internet transactions worldwide. Afterwards, he led the company through its growth to over 270 employees with 20,000 merchants in 120 countries, processing transactions in excess of USD2 billion a year.

In 2002 WorldPay was acquired by the Royal Bank of Scotland, before being sold to private equity firms Advent International and Bain Capital in 2009 and then listed on the London Stock Exchange in 2015.

ClearBank is set to be rolled out in the coming months and Nick Ogden will serve as chairman, according to filings with the Financial Conduct Authority. In addition, former Royal Bank of Scotland senior manager Charles McManus will be chief executive.

According to The FT, the new bank, which will focus on fintech and “intelligent accounts”, will join a stream of other digitally focused lenders that are planning to launch over the coming months.

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