LONDON, UK: The Apax Digital Fund (ADF) and Apax Digital Fund II (the Apax Digital Funds), both of which AGA is a limited partner in, announced an investment in ClearBank, one of the largest next-generation clearing and embedded banking platforms in the UK.
On a look through basis, AGA is expected to invest approximately €5.4m in the company. Note that these figures relate to AGA’s look through position of ADF and ADF II’s overall investments in ClearBank and are stated before taking into account any closing adjustments and are translated into Euro based on today’s exchange rates where applicable.
ClearBank is a leading supplier of embedded banking services in the UK and the only next generation payments provider with direct access to all banking payment schemes in the UK (e.g. Faster Payments, BACS, CHAPS), providing over 13 million real and virtual bank accounts to businesses and their consumers. As a regulated bank, ClearBank manages transactions end-to-end from order transmission to settlement, liquidity management and clearing. ClearBank works with leading financial brands such as Coinbase and ADF portfolio company Tide.
The Apax Digital Funds will leverage the Apax Funds’ experience in fintech and software to partner with management and help drive the business forwards. The new investment will help accelerate ClearBank’s global expansion of its clearing and embedded banking offering, initially in Europe before moving into North America and Asia Pacific.
AGA, whose shares are listed on the London Stock Exchange, provides investors with access to a diversified portfolio of private equity funds advised by Apax as well as a focused portfolio of debt and equity investments (“Derived Investments”). In 2017, AGA made a commitment of $50m to ADF, and in 2021, AGA made a commitment of $90m to ADF II.
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