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Fintech Insider Podcast by 11:FS
889. News: ClearBank secures Dutch banking licence, a16z-backed Tally shuts down, and UK fintech investment nearly triples
Aug 19, 2024
Charles McManus, CEO of ClearBank, shares insights on his institution's recent achievement in securing a Dutch banking license, opening doors for European expansion. Kyle Perez discusses the surprising closure of the once-promising fintech Tally and the challenges facing the industry amid rising interest rates. The conversation also touches on the surge in UK fintech investments and Google's partnership with GoHenry to enhance children's financial education with innovative payment solutions. Together, they explore the evolving landscape and future prospects for fintech.
01:05:43
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Quick takeaways
- ClearBank's acquisition of a Dutch banking license signifies a strategic expansion into Europe to provide multi-currency services post-Brexit.
- UK fintech investment has surged to £5.7 billion, indicating a recovery trend focused on high-quality businesses despite fewer overall deals.
Deep dives
Clearbank's European Expansion
Clearbank has secured a Dutch banking license, enabling it to offer euro accounts and expand its services across Europe. This marks a significant milestone for the challenger bank, which aims to provide real-time clearing and embedded banking services to compete with traditional banks. The CEO of Clearbank highlighted the extensive efforts involved in obtaining this license, emphasizing the strategic importance of being physically located within the EU post-Brexit. This expansion not only enhances Clearbank's capabilities but also positions them well to meet the needs of their UK customers who seek multi-currency options.
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Listen to the best highlights from the podcasts you love and dive into the full episode