Clove is a financial services platform that connects users to regulated account information services through its partnership with Plaid Financial Ltd., an FCA-authorized payment institution. The company operates as an agent of Plaid, enabling secure access to financial data while maintaining compliance with UK payment services regulations. Clove is currently in the process of obtaining its own FCA authorization to expand its regulated product offerings.
Funding
Funding not disclosed
Founders
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., 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 and Clove Wealth Limited for operational and regulatory separation