LONDON, UK: The Apax Digital Fund (ADF) and Apax Digital Fund II (the Apax Digital Funds), each of which AGA is a restricted partner in, introduced an funding in ClearBank, one of many largest next-generation clearing and embedded banking platforms within the UK.
On a glance through basis, AGA is anticipated to make investments roughly €5.4m within the company. Note that these figures relate to AGA’s look through place of ADF and ADF II’s overall investments in ClearBank and are stated earlier than taking into account any closing changes and are translated into Euro based on today’s exchange charges the place applicable.
ClearBank is a number one supplier of embedded banking services within the UK and the one subsequent generation funds supplier with direct entry to all banking payment schemes within the UK (e.g. Faster Payments, BACS, CHAPS), offering over thirteen million actual and digital financial institution accounts to companies and their consumers. As a regulated bank, ClearBank manages transactions end-to-end from order transmission to settlement, liquidity administration and clearing. ClearBank works with main monetary manufacturers such as Coinbase and ADF portfolio firm Tide.
The Apax Digital Funds will leverage the Apax Funds’ expertise in fintech and software program to partner with administration and assist drive the enterprise forwards. The new funding will assist speed up ClearBank’s global expansion of its clearing and embedded banking offering, initially in Europe earlier than moving into North America and Asia Pacific.
AGA, whose shares are listed on the London Stock Exchange, provides investors with entry to a diversified portfolio of personal fairness funds suggested by Apax in addition to a focused portfolio of debt and fairness investments (“Derived Investments”). In 2017, AGA made a dedication of $50m to ADF, and in 2021, AGA made a dedication of $90m to ADF II.
www.apax.com