New clearing bank targets small start-ups

There has been a lot of talk in recent years about “challenger banks” taking on the big players. Metro Bank was launched in the UK as a fully fledged high-street bank in 2010, while various app-based start-ups have received their banking licences and are currently making their way to market, including Atom, Monzo, Tandem and Starling. But all of the focus has been on providing front-end, consumer-facing services. Now Nick Ogden, founder of payment processor Worldpay, has created the UK’s first new clearing bank for almost 200 years, says Emma Dunley in the Financial Times.

ClearBank calls itself “a [...]

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