ClearBank, a provider of real-time clearing and embedded banking, has announced its first channel partnership with London-based ethical fintech Algbra.
Under the agreement, ClearBank will supply its technology and services as part of Algbra Labs’ Fintech-as-a-Service offering.
The arrangement will enable Algbra to integrate ClearBank’s agency banking, Faster Payments, and virtual account services into its platform, allowing customers to access these functions without building their own back-end systems.
The solution will form part of Algbra’s existing offer, providing end-to-end service capabilities.
ClearBank and Algbra have developed a tailored solution that connects with Algbra’s API platform and uses the UK’s payments infrastructure and open banking framework.
The service will be available to financial and non-financial institutions, as well as corporate clients, through Algbra, using ClearBank’s cloud-based systems to access faster payments and accounts.
This partnership is the first to be launched under ClearBank’s channel partner model, introduced in early 2025, which focuses on working with non-competing partners offering complementary services.
The two companies plan to continue developing joint services and ClearBank will support Algbra with sales and marketing for products on its 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.”
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 £213.6 billion revenue-generating fintech ecosystem.”
Featured image credit: Edited by Fintech News Switzerland, based on image by vwalakte via Freepik
