ClearBank names Ken Johnstone chief product officer

ClearBank has appointed Ken Johnstone as chief product officer, adding a senior product executive to its group executive team as the company expands its regulated banking infrastructure in the UK and Europe. The company said Johnstone will be responsible for product strategy, with a mandate to scale its platform and capabilities across payments, accounts and embedded banking.

ClearBank describes itself as a provider of real-time clearing and embedded banking services. Its clients include fintech firms, financial services companies and corporates, according to the company.

Johnstone joins with more than 20 years of experience across fintech, banking and telecoms, ClearBank said. His work has covered the UK, Europe, the US, Asia and Australia, with a focus on building products for regulated markets.

Before joining ClearBank, Johnstone served as chief product officer for NatWest Boxed and Mettle. ClearBank said he defined and delivered cloud-native banking platforms and embedded finance propositions in those roles.

At Mettle, Johnstone led the move from an e-money proposition to a fully regulated digital bank, according to ClearBank. The business reached more than 150,000 UK business customers. At NatWest Boxed, he built and launched a Banking-as-a-Service platform designed to let partners create and scale compliant financial products.

Banking-as-a-Service typically allows companies to offer financial products through a partner platform supported by regulated banking infrastructure. In ClearBank’s case, the company said Johnstone will work on the proposition across payments, accounts and embedded banking, areas that support clients seeking to add banking capabilities into their own services.

The appointment follows several product and market expansion steps by ClearBank. The company cited its recent launch of digital asset rails in Europe and its move into corporate embedded banking last year as examples of new capabilities being rolled out while it broadens its UK and European footprint.

Mark Fairless, ClearBank’s chief executive, said Johnstone brings product, technical and commercial experience that the company needs as it scales across the UK and Europe. Fairless said Johnstone’s background in digital banking and embedded finance would support ClearBank’s effort to expand its platform and deliver capabilities for clients.

Johnstone said ClearBank had developed a reputation as a provider of regulated banking infrastructure combining technology and regulatory expertise. He said clients’ growth creates scope to develop the platform further and introduce additional products to support them.

The company did not disclose financial terms, compensation details or a start date beyond confirming that Johnstone has joined as chief product officer.

This story draws on original reporting from Finextra Research.