According to a financial report released on Thursday, British fintech company ClearBank achieved a pre-tax profit of £18.4 million ($23.3 million) for the year ending December 31, 2023, compared to a loss of £7.1 million in 2022. This is the company's first full-year profit. ClearBank provides payment services for companies such as Coinbase. The company's total revenue increased by 91% year-on-year to £111.3 million. ClearBank CEO Charles McManus said the company's strong performance was not driven by a single factor, with various factors contributing, including the settlement of electronic currency company business and an increase in interbank payment service usage. However, high deposits are undoubtedly the key driver of ClearBank's performance, with net interest income increasing by 142% to £81.9 million and total deposits reaching £6.1 billion. It is worth mentioning that after Silicon Valley Bank collapsed, a large amount of deposits flowed into ClearBank. McManus said ClearBank has no plans to go public and is currently applying for a European banking license from the Dutch central bank, which is expected to be obtained later this year. He also mentioned that Brexit has made the process of obtaining a banking license in the European Union more difficult for the company.