Clockwise Credit Union

What Clockwise Credit Union does

Clockwise Credit Union Limited is a UK financial cooperative (Industrial and Provident Societies Act, FCA/PRA FRN213498) headquartered in Leicester, founded in 1992 as Highfields Community Credit Union and now the largest community credit union in the East Midlands with a combined membership exceeding 33,000 following its February 2025 merger with Notts & Lincs Credit Union. It operates three physical branches (Leicester, Rugby, Nottingham), five community access points, and an iOS/Android mobile application plus web portal that delivers 24/7 self-service for loan applications, savings, and current account management. The core product set comprises three loan tiers (Family Loan up to £500 repayable from Child Benefit, Personal Loan £50–£10,000 across all credit profiles, and Personal Plus £3,000–£10,000 for homeowners at 8.7% APR), six savings products (Instant Access, Cash ISA at 4.5% AER, Junior ISA, Gold Saver notice account at 3.03% AER, PrizeSaver lottery-linked savings, and Budget/Rent Payment accounts), and a current account with a Visa/Mastercard debit card issued via PayrNet/Railsr.

The technology stack is a cloud-based digital banking platform with an automated loan decisioning engine integrating data from TransUnion, Equifax, Experian, and Hooyu (digital identity verification). Loan decisions are produced from credit score, income and expenditure analysis, repayment history, CCJ data, default records, and insolvency records, with mandatory human-review rights for applicants. Security controls include OTP via SMS, real-time fraud monitoring that can delay or block transactions, and FSCS deposit protection up to £85,000 per depositor.

Revenue is generated primarily through net interest margin between member savings rates (0.8%–4.5% AER) and loan rates (8.7%–42.6% APR), supplemented by nominal membership fees and dormant-account administration fees (capped at £5/year). As a not-for-profit cooperative, surplus is reinvested into lower loan rates, enhanced savings rates, and a £250 Community Grant Scheme that distributed funds to local non-profits including foodbanks, scout groups, and repair cafés across the East Midlands. Distribution leverages 13+ employer payroll partnerships (PA Housing, Centrebus, Samworth Brothers, Lincoln councils, FedEx UK, Watches of Switzerland Group, Leicester/Leicestershire councils, Leicester College) that enable direct credit-debit from salary. Marketing emphasises ethical lending, financial inclusion, and social impact — Clockwise reports £26m of social value generated in 2023-2024 at a 1:12 SROI ratio, and is a two-time Consumer Credit Awards finalist (2025, 2026).

Name

Clockwise Credit Union

Legal name

Clockwise Credit Union Limited

Website

https://clockwise.coop

Company type

Private

Founded year

1992

Operating status

Operating

Headcount range

11–50 employees

Ownership category

akta.pro rank

Product category

Retail Banking

NAICS

Credit Unions (52213), Credit Unions (522130)

SIC

Personal Credit Institutions (6141)

akta.pro primary industry

Community Credit Unions (Retail/Consumer Focus) (FSABAEAA)

Keywords

• Retail banking services
• Consumer lending
• Savings accounts
• Credit union services
• Community banking

Headquarters

HQ city

Leicester

HQ country

United Kingdom

HQ region

Europe

Offices4 records

Markets served

GTM type

B2C

Offering type

Services

Cost components

Personnel, Operations, Technology or R&D, Marketing or Sales, Infrastructure, Others

Revenue model

1. Loan Interest Income: Clockwise Credit Union's primary revenue stream is interest income from personal loans, family loans, and personal plus loans. Interest rates range from 8.7% APR (Personal Plus) to 42.6% APR maximum. Loans range from £50 to £15,000 with flexible repayment terms up to 5 years. As a not-for-profit cooperative, surplus revenue is returned to members through better rates and services.
2. Savings Interest Margin: The credit union pays interest on savings (0.8% AER instant access, 4.5% AER Cash ISA, 3.03% AER Gold Saver) and uses those funds to lend to other members at higher rates, generating a margin. No dividends are paid on savings; interest is paid at agreed rates.
3. Membership Fees: A nominal membership fee may be charged to cover the cost of account administration. Members must maintain a minimum share balance of £1. Dormant accounts may be charged an annual administration fee not exceeding £5.
4. PrizeSaver Scheme: Aprize-linked savings account where savers earn entries into monthly prize draws (top prize £5,000, 20 prizes of £20) in lieu of traditional interest. The scheme is shared across credit unions nationwide.

Pricing tiers

Go-to-market motion4 records

Distribution channels6 records

Marketing channels7 records

Core offering

Clockwise Credit Union is a not-for-profit financial cooperative that provides personal loans (Family Loan, Personal Loan, Personal Plus Loan, Employer Partner Loan), a range of savings products (Instant Access Savings, Cash ISA, Junior ISA, PrizeSaver, Gold Saver), and a Current Account with Visa debit card to individual members in the East Midlands of England. Members access services via online portal, mobile app, three physical branches, automated phone service, and payroll deduction through employer partnerships.

Product overview

Clockwise Credit Union operates as a not-for-profit financial cooperative offering a unified suite of savings, loan, and transactional banking products. Its loan portfolio consists of three distinct products: the Family Loan (up to £500, designed for Child Benefit recipients), the Personal Loan (up to £10,000), and the Personal Plus Loan (up to £10,000 for homeowners). Savings offerings span instant access, Cash ISA, Junior ISA, PrizeSaver (prize draw account), and Gold Saver (90-day notice) accounts, alongside a Current Account with Visa debit card. Member access is provided through an online account portal, a mobile app (iOS/Android), and a 24-hour automated phone service. The credit union also operates a Community Grant Scheme, an interactive Budget Calculator, and a Salary and Budget Planner as community-facing financial wellbeing tools. The February 2025 merger with Notts & Lincs Credit Union expanded the combined membership to over 33,000 and consolidated services onto a single digital platform.

Differentiator

Problem solved

Functional benefit

Products and services

• Family Loan A small loan of up to £500 designed for families, repayable from Child Benefit, accepting applicants with poor credit history at 42.6% APR.
• Personal Loan A general-purpose loan ranging from £50 to £10,000, repayable over a maximum of 5 years with APR ranging from 42.6% to 16.1% subject to status, with fast decisions and flexible repayment options.
• Personal Plus Loan A homeowner and employed/self-employed borrower loan ranging from £3,000 to £10,000 requiring a good recent credit history, offered at 8.7% APR.
• Employer Partner Loan A loan product available to employees of Clockwise's partnered employer organisations, with repayments deducted directly from salary via payroll deduction on a confidential basis.
• Instant Access Savings A flexible savings account with 0.8% AER, instant access to funds, and annual interest paid yearly with no yearly limit on deposits.
• Cash ISA A tax-free savings account with 4.5% AER and a £20,000 yearly allowance, allowing members to save tax-efficiently.
• Junior ISA A savings account designed for children, providing tax-free savings with a dedicated annual allowance.
• PrizeSaver A prize draw savings account where each £1 saved equals one entry into a monthly prize draw, with top prize of £5,000 plus 20 smaller prizes of £20, shared by credit unions across the country.
• Gold Saver A 90-day notice savings account paying 3.03% AER, with interest paid quarterly.
• Current Account A day-to-day current account allowing members to pay bills, set up direct debits and standing orders, and receive salary or benefit payments, including a Visa debit card issued by PayrNet/Railsr.
• Budget Account A savings account designed to help members manage irregular or budgeted expenses by setting aside money for specific bills, helping to build financial discipline and repair credit history.
• Rent Payment Account An account enabling members to manage and make rent payments, with funds held separately from general savings.
• Employee Savings Scheme (Payroll Membership) A payroll deduction scheme allowing employees of partnered organisations to save regularly and/or repay loans directly from their salary, with funds transferred confidentially to the member's Clockwise account.

Quantifiable outcome

• £26 million in Social Value generated over 2023-2024 with a 1:12 social return on investment ratio
• +4 more outcomes

Named customers7 records

Ideal customer profiles3 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Integration5 records

AI capability2 records

Feature6 records

Partnerships

Eleven partnerships are on record, tiered core and minor.

• Notts & Lincs Credit UnioncoreStrategic or Co-development Partner · 1 February 2025Notts & Lincs Credit Union merged with Clockwise Credit Union effective 1st February 2025, becoming Clockwise Credit Union. All savings and loan accounts were transferred without member action required. The merger created the largest community credit union in the East Midlands with over 33,000 combined members. The Nottingham branch (Maid Marian Way) remains open with existing staff.
• Financial Services Compensation Scheme (FSCS)coreOthersStatutory deposit protection scheme covering Clockwise savings up to £85,000 per depositor. Provides eligible depositors with compensation if Clockwise is unable to meet its financial obligations. Clockwise's maximum deposit limit is £85,000, ensuring all eligible savings are fully covered.
• Financial Conduct Authority (FCA) and Prudential Regulation Authority (PRA)coreOthersClockwise Credit Union is authorised and regulated by both the FCA and PRA (FRN213498). These regulatory bodies ensure Clockwise operates within UK financial services regulations, protecting members and maintaining institutional integrity.
• ABCUL (Association of British Credit Unions Ltd)coreOthersClockwise is a member of ABCUL, the leading trade association for credit unions in Great Britain. ABCUL provides representation, guidance, and support for the UK credit union movement.
• PayrNet Limited (Railsr)coreTechnology or IntegrationPayrNet Limited, trading as Railsr, is an FCA-authorised Electronic Money Institution (FRN 900594) that provides Clockwise's regulated products and services including Visa and Mastercard debit cards. Cards are issued under licence from Mastercard International Incorporated and Visa Europe. PayrNet safeguards funds in compliance with Electronic Money Regulations 2011.
• Fair Life (FairFinance)minorOthersClockwise is a partner/member of Fair Life (formerly FairFinance), an initiative promoting fair financial services and supporting credit unions and ethical lenders in the UK.
• Living Wage FoundationminorOthersClockwise is a Living Wage employer, voluntarily paying the UK real Living Wage (based on the cost of living) rather than the government minimum. Over 14,000 UK businesses are accredited Living Wage employers.
• Castlebar Credit Union (Ireland)minorStrategic or Co-development PartnerClockwise is twinned with Castlebar Credit Union in Ireland, reflecting the cooperative movement tradition of credit union twinning for mutual support and knowledge sharing between institutions.
• Stop Loan Sharks EnglandminorOthersClockwise is a partner organisation referenced alongside Stop Loan Sharks, which is dedicated to reporting illegal money lending and providing confidential help to victims of loan sharks in England.
• Hooyu (Digital Identity Verification)coreTechnology or IntegrationHooyu is Clockwise's digital identity verification partner used during the online application process to confirm member identity electronically in compliance with anti-money laundering requirements.
• Employer Payroll Partners (PA Housing, Centrebus, Samworth Brothers, Lincoln Councils, FedEx UK, Watches of Switzerland Group, Leicester/Leicestershire Councils and Districts, Leicester College, B-Inspired)coreChannel Partner/ Reseller/ DistributorClockwise has established payroll membership partnerships with a range of employers across the East Midlands. These employers allow Clockwise to offer payroll deduction schemes to their employees, enabling convenient regular savings and loan repayments directly from salary. This creates a steady member acquisition channel and simplifies financial management for employees.

Scale indicators11 records

Recent moves7 records

Expansion highlights6 records

Direct peers

• Manchester Credit Union: Manchester-based community credit union offering personal loans, savings and transactional accounts to members within a defined geographic common bond. Direct comparable to Clockwise as a UK community credit union operating under the same FCA/PRA framework.
• London Mutual Credit Union: UK community credit union serving defined London boroughs, offering savings, loans and current accounts to members under a common bond. Highly comparable as a peer community credit union with a similar not-for-profit cooperative structure and member-owned model.
• Leeds Credit Union: Community credit union serving Leeds and surrounding areas, offering affordable loans and savings products. Comparable to Clockwise as a UK community credit union with similar FCA-regulated operations and member-owned structure.
• Scotwest Credit Union: Scotland's largest credit union offering savings, loans and member services. Direct comparable to Clockwise as a UK credit union with a broad product range, member-owned cooperative model and regional concentration.
• Castlebar Credit Union: Irish credit union formally twinned with Clockwise for mutual support and knowledge sharing. Direct comparable as a community credit union with a similar savings/loans product set and cooperative ethos.

Broad incumbents

• Coventry Building Society: Large UK mutual building society offering savings, mortgages and current accounts. Comparable to Clockwise as a UK mutual financial institution serving the same East Midlands/West Midlands geography, though operating at much larger scale and with a broader product range.
• Nottingham Building Society: East Midlands mutual building society offering savings accounts and mortgages. Comparable to Clockwise as a mutual, member-owned deposit-taker operating in the same East Midlands market with overlapping savings products.

Others

• ABCD (Association of British Credit Unions Ltd, now All Together Money): UK trade association and central support body for credit unions, of which Clockwise is a member. Comparable as a sector-wide enabler, providing representation, shared services and infrastructure that Clockwise participates in.
• Fair4All Finance: UK-backed organisation supporting credit unions and ethical lenders with funding and capacity building. Comparable as an ecosystem participant supporting the same community finance sector in which Clockwise operates.

Emerging players

• Moneyline (by Fair4All Finance): UK ethical alternative-credit lender serving borrowers underserved by mainstream banks. Comparable to Clockwise in its ethical-lending, financial-inclusion mission and provision of small-sum loans to higher-risk borrowers.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks7 records

Key highlights7 records

Customer concentration

• Xx.com/Clockwise_CU
• YouTubeyoutube.com/channel/UC79huDG85MuiCw2Pn7T6htQ
• Facebookfacebook.com/ClockwiseCU

Compliance7 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles11 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Clockwise Credit Union