The founder of payments processing company Worldpay, Nick Ogden, announced he is going to open a new challenger bank in the UK. The Financial Times reported that the launch of the bank is planned in the upcoming months after receiving a banking license from financial regulators.
Called ClearBank and also known as CB Infrastructure Limited, the institution will focus on fintech and “intelligent accounts”, the bank’s website says.
According to the filings with the UK Financial Conduct Authority, Charles McManus, former CFO at Royal Bank of Scotland-owned Ulster bank, will be chief executive of ClearBank, while Ogden will serve as a chairman.
Nick established WorldPay in 1997 guaranteeing Internet transactions for consumers and businesses worldwide. The company has later grown to more than 270 employees, with transaction volumes accounting to over $2 billion per year.
WorldPay was bought by the Royal Bank of Scotland in 2000, before being sold to private equity firms Advent International and Bain Capital in 2009. In 2015, the company was listed on the London Stock Exchange.
Fintech is gaining traction in the UK, which is one of the most fintech-friendly countries. According to a report by Let’s Talk Payments, the financial technology industry secured more than $5.5 billion in investments from July 2015 to January 2016.
ClearBank has joined the list of other fintech-focused startups that are planned to be launched in the next few months. Starling, Monzo, and Tandem Bank have recently got a banking license and are preparing to launch mobile banking solutions. Atom, the first mobile-only bank in the UK, has recently opened and started providing mortgages through brokers.
On Wednesday, managing board member of ABN AMRO, Joop Wijn, announced it will leave the bank to join Worldpay’s rival, Dutch fintech startup Adyen.
“ABN AMRO Corporate Banking is in good shape and well positioned for continued growth. After eight great years, I am now ready for a new challenge. I would like to thank all my colleagues; it’s been a pleasure working with them and I wish ABN AMRO every success in the future,” he said.
Kees van Dijkhuizen, CEO of ABN AMRO commented: “During the past eight years Joop Wijn was highly dedicated to ABN AMRO and its clients and employees. I am very grateful to him for that. It has been a pleasure working with Joop and I wish him every success in his future endeavours.”
Wijn will join the startup as its Chief Strategy and Risk Officer after leaving ABN AMRO in May 2017. Adyen unveiled last year that its revenues surged to $350 million, as it surpassed $50 billion in the amount of processed transactions.