ClearBank names Ken Johnstone as chief product officer

ClearBank has appointed Ken Johnstone as chief product officer, giving him responsibility for product strategy as the regulated banking infrastructure provider expands its platform across the UK and Europe. The company said Johnstone will focus on scaling its capabilities in payments, accounts and embedded banking for fintechs, financial services firms and corporate clients.

Johnstone joins ClearBank with more than 20 years of experience across fintech, banking and telecoms, according to the company. His career has included work in the UK, Europe, the US, Asia and Australia, where ClearBank said he has delivered products in regulated and varied markets.

His most recent roles were as chief product officer for NatWest Boxed and Mettle. At Mettle, he led its shift from an e-money proposition to a fully regulated digital bank, with the business growing to more than 150,000 UK business customers, ClearBank said. At NatWest Boxed, he built and launched a banking-as-a-service platform designed to let partners create and scale compliant financial products.

ClearBank said Johnstone will join its group executive team. His mandate covers the development of the company’s product proposition across payment services, account infrastructure and embedded banking, areas that sit at the centre of its role as a provider of real-time clearing and regulated banking technology.

Embedded banking allows financial functions to be offered through another company’s product or customer interface, while the regulated infrastructure provider supplies the accounts, payment connectivity or compliance framework behind the service. Banking-as-a-service platforms use a similar model, giving partners access to banking capabilities without requiring each partner to build the full regulated stack themselves.

The appointment comes as ClearBank continues its expansion in the UK and Europe. The company cited the recent launch of digital asset rails in Europe and its move into corporate embedded banking last year as part of that broader growth plan.

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

Johnstone said ClearBank had established a position as a provider of regulated banking infrastructure, combining technology with regulatory expertise. He said clients’ growth and product development created scope for ClearBank to broaden its platform and add products to support them.

This story draws on original reporting from Finextra Research.