6 days ago
Clearbank enters channel relationship with Algbra
ClearBank, the enabler of real-time clearing and embedded banking, today announces its first channel partnership with leading ethical FinTech, Algbra, to provide its trusted technology and services as part of Algbra Labs' Fintech-As-A-Service offering.
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Through the partnership, Algbra will be able to offer ClearBank's agency banking, faster payments and virtual account services to customers on its platform, helping them to expand their reach without having to reinvent backend infrastructure. The new solution will be built into Algbra's existing offer, providing end-to-end service capabilities to customers that will differentiate it from competitors.
ClearBank has worked closely with Algbra to create an innovative, tailored solution that is integrated into its API platform and leverages the UK's next-gen payments rails and open banking architecture. The service will be immediately available to both financial and non-financial institutions and corporate clients through Algbra, allowing them to use ClearBank's cloud-based systems to benefit from faster payments and accounts.
The partnership is the first that ClearBank has introduced since launching its channel partner model in early 2025. It aims to select a core group of non-competitive partners with complimentary services, through which it can offer additional banking and payments solutions.
Following the launch of the solution, the companies plan to continue their collaboration to create a combined service for their customers. ClearBank will also increase its strategic support for Algbra, providing assistance with the sales and marketing of its products on the Algbra platform.
Nick Ford, Head of Channels & Alliances at ClearBank, said: 'Our first channel partnership is an exciting step in the expansion of our services, providing extra ways for us to unlock our clients' potential. From start to finish, we have found our values have closely aligned with Algbra's, with our shared technology-first approach and desire to bring world-class financial services to all. We hope that this is the first of many channel partnerships that will help us to support more non-competitive fintech providers across the UK and Europe.'
Tom Mason, Chief Business Officer at Algbra Group, said: "We consider ClearBank an extension of our team. Our channel partnership means that we are equipped to offer our B2B and B2C clients best-in-class banking services including fully regulated business and customer accounts, and safe, secure real time payments giving them a competitive edge in the UK's £213.6bn revenue-generating fintech ecosystem. We get all the benefits of being a major bank without the administration or overheads'.
