Fairless Takes Helm as ClearBank Names New CEO

ClearBank, the cloud-based clearing bank that provides settlement accounts and embedded banking solutions to financial institutions, has appointed Mark Fairless as its new Chief Executive Officer. 

Mark, who joined the company as Chief Financial Officer in January 2023, succeeds co-founder Charles McManus, who will remain involved as a non-executive member of the Group Board.

Leadership Transition

Mark takes the helm after serving on ClearBank's Group Board for over a year, during which time he played a central role in developing the firm's long-term strategy and optimising operations to facilitate scalable growth.

Charles, who co-founded ClearBank in 2015, has stepped back from day-to-day management responsibilities after building the business to serve more than 250 clients across the UK and Europe. 

He will continue to provide strategic input through his board position and maintain his role as co-chair of the Innovate Finance Unicorn Council, an industry group representing UK fintech companies valued at over US$1bn.

Peter Herbert, Group Chair of ClearBank, says: “Mark is a proven leader with a track record spanning over two decades in financial services. 

“With our European banking licence in place and plans in place to expand into additional markets, we are excited to enter a new chapter at ClearBank under Mark's leadership.”

Financial Services Background

Before joining ClearBank, Mark served as CFO of the M&G Heritage Business, an international savings and investments operation. His career in financial services spans 20 years, including senior positions at Santander UK and Barclays Investment Bank.

The appointment comes at a strategic moment for ClearBank, which has secured regulatory approval to expand its operations across Europe. 

The bank provides clearing services - the process of reconciling and settling transactions between financial institutions - and embedded banking infrastructure, which allows non-bank companies to offer banking services through API integrations.

Peter acknowledged Charles' contribution to establishing ClearBank as a significant player in the clearing and embedded banking sector: “Under his leadership, we have achieved significant milestones and firmly established ourselves as a market-leading clearing and embedded banking provider.”

Growth Strategy

ClearBank's growth trajectory follows increasing demand for modern banking infrastructure from financial technology companies and digital banks. 

The bank's cloud-native technology platform enables clients to access UK payment schemes including Faster Payments, BACS and CHAPS through a single API connection.

The banking-as-a-service market, which includes clearing and embedded banking services, is projected to expand as more non-bank entities seek to integrate financial services into their customer offerings without obtaining banking licences themselves.

“I'm thrilled to lead ClearBank as CEO, says Mark. “This is a business that has made significant strides in recent years and which has huge potential to go further. 

“With such strong foundations, we're primed for the next phase of ClearBank's evolution, with high calibre clients and with the business well placed for further growth.”

Charles reflects on his time leading the organisation: “It's been a huge privilege to lead ClearBank during the last nine years. 

“I hand over to a trusted partner who has been at the centre of the business during the last two years and who will be a brilliant leader as we continue to evolve and prepare for further growth.”

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