ClearBank Ltd. said it received a banking license allowing the fintech to offer real-time clearing and settlement services to clients across Europe, marking the UK company’s first step toward global expansion.

The European Central Bank authorized the permit, under the supervision of De Nederlandsche Bank, ClearBank said in a statement Friday. The license allows the financial-technology firm to offer European clients with euro accounts, foreign-exchange services, embedded banking and access to major European payment rails, and funds will be protected by the central bank’s deposit-guarantee rules.

“A full European banking license is a major milestone for our international growth strategy,” ClearBank Chief Executive Officer Charles McManus said in an interview, adding the firm is investing €70 million ($76 million) in its European operations. “We will soon fulfill client demand for euro clearing, as well as sterling, with the US dollar coming next.”

The fintech opened its main European office in Amsterdam, with former ABN Amro Bank NV executive Rintse Zijlstra appointed CEO of ClearBank Europe NV. Over the next five years, the European division will hire more than 60 employees, and is advertising for key roles including positions in sales, financial-crimes prevention and engineering.

ClearBank received its full banking license after 18 months, a significant win for a British firm in a post-Brexit environment, with many UK fintechs typically operating in Europe through electronic-money licenses.

The company said it already has a steady pipeline of interest from existing clients, particularly from its UK customers with European operations, but plans to expand across European cities by adding banking accounts for individual countries.

In April, the fintech reported maiden profits of £18.4 million ($23.1 million) for 2023, compared with a loss of £7.1 million the previous year, while doubling its deposits to £6.1 billion and growing revenue from services such as payments processing it provides to other banks. The firm provides banking infrastructure to companies such as TrueLayer, Tide, Coinbase and Raisin.

Read More: ClearBank eyeing EU license

ClearBank will be turning its attention to US expansion next, through acquisition, as there’s demand for international clearing for clients with US operations and working in dollars, McManus said.

— By Aisha S Gani (Bloomberg News)