Clove
Clove provides a compliant pathway to regulated financial services by operating as an agent of Plaid Financial Ltd., an FCA-authorized payment institution. The platform delivers secure account information services under the Payment Services Regulations 2017 while working toward its own FCA authorization. Clove is operated by Clove Group Limited, with Clove Wealth Limited providing operational and regulatory separation.
- Financial Technology
- Software Only
Funding
Funding not disclosed
Founders
Founder details are not available yet.
Product
Problem
Consumers and businesses often need secure, regulated access to financial account information, but navigating the complex landscape of financial regulations and compliance requirements can be challenging. Many financial service providers lack the necessary authorizations to offer account information services directly, creating barriers to entry and limiting consumer access to innovative financial tools.
Solution
Clove provides a compliant pathway to regulated financial services by operating as an agent of Plaid Financial Ltd., an FCA-authorized payment institution. This agency arrangement allows Clove to deliver account information services to its users while ensuring full regulatory compliance under the Payment Services Regulations 2017. The platform is designed to bridge the gap between consumer financial needs and regulatory requirements, offering a secure and compliant foundation for financial data access. Clove is actively working toward obtaining its own FCA authorization, which will enable it to expand its service offerings and provide a broader range of regulated financial products directly to users.
Target Audience
Clove primarily serves UK-based consumers and businesses seeking secure, regulated access to financial account information and services, as well as users who value compliance and regulatory oversight in their financial technology providers.
Features
- Operates as an FCA-regulated agent of Plaid Financial Ltd. (Firm Reference Number: 804718), ensuring compliance with UK payment services regulations
- Provides secure account information services through a regulated payment institution framework
- Built on a compliance-first architecture designed to meet Financial Conduct Authority standards
- Positioned for direct FCA authorization to expand into additional regulated financial products and services
- Backed by a corporate structure including Clove Group Limited (Company No. 16536239) and Clove Wealth Limited (Company No. 16951234) for operational and regulatory separation