The banking backbone behind the likes of Revolut and Coinbase has recorded a surge in deposits and revenue as client activity hit record levels Clearbank, which launched in 2017 to provide banking infrastructure and embedded services to challengers, posted a 65 per cent jump in deposits in 2025, reaching £17.8bn.
Samuel Norman
Wednesday 15 April 2026 2:00 am | Updated: Tuesday 14 April 2026 12:00 pm
The banking backbone behind the likes of Revolut and Coinbase has recorded a surge in deposits and revenue as client activity hit record levels
Clearbank, which launched in 2017 to provide banking infrastructure and embedded services to challengers, posted a 65 per cent jump in deposits in 2025, reaching £17.8bn.
The growth came as the firm onboarded a fleet of new clients including money transfer platform LemFi and credit card business Capital on Tap. Coinbase, which initially signed with Clearbank in October 2019, also launched the digital asset sector’s first integrated fiat savings account powered, which was by Clearbank.
The millions of new users signing up to Clearbank’s clients create an automatic surge in deposits for the business, which then makes interest on this massive pile of shared cash and charging fees for every transaction they process in the background.
Fee income soared 38 per cent year-on-year, rising to £60.9m from £44.2 million in 2024.
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The continued expansion of Revolut has teed up Clearbank for further growth, with the latter the key provider of instant access savings accounts to Revolut’s UK customers.
Clearbank’s interest income increased six per cent to £71m in the last year, which the firm said was “underpinned by our strategic partnership with Revolut, continued relationships with Tide and Truelayer, and extended partnerships with Coinbase and LemFi”.
After clinching its banking licence earlier this year, Revolut is tipped to trigger a “deposit war” with Natwest and Lloyds as it sets its sights on the big four banks £2.5 trillion in deposits.
Mark Fairless, group chief executive at Clearbank, told City AM Revolut was a “fantastic UK success story” though added he was not expected their new licence to clash with the two’s partnership due to bank’s focus on “consumer propositions”.
Read more Bank of London hit with £2m fine for ‘misleading’ watchdog Clearbank UK profit jumps but Europe trails
On the broader competitive scale, Fairless said he was “seeing more businesses that wouldn’t traditionally offer financial services using our embedded banking proposition to enter the market.
“This is a huge growth area for us, both within and outside the traditional financial services sector.”
Clearbank launched a new embedded banking proposition looks to allow non-financial businesses to integrate a fully regulated and protected bank account onto their platform last year.
The move set it on course to take on industry giants, placing it in direct competition with Natwest’s banking-as-a-service arm Natwest Boxed.
In the UK, Clearbank pocketed £12.2m in pre-tax profit, up from 53 per cent last year. This came as revenue for the UK entity rose 17 per cent to £128.4m.
But over in Europe, losses persisted at €15.1m (£13.4m). It came as the cost base in the region hit £15.8m, which management stated was in line with its expansion plans to build out infrastructure and headcount.
“The bottom-line results for 2025 were actually ahead of our expectations,” Fairless said, as he defined the year as one of “heavy investment”.
“We expect to reach group-level profitability in the near to medium term. I wouldn’t want to provide an exact date just yet, but the growth across both markets is very promising.”
Read more Revolut profit booms after poaching record customers from high street banks
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