UK FinTech company ClearScore is set to be acquired by global information services giant Experian for a reported £275m.
Founded in July 2015, ClearScore, which closed Series A in 2016, matches consumers with personal financial products and offers free credit reports. It’s credited with being the first company in the UK to do so and monetises from commission on products sold to users after they’ve completed their credit check.
Justin Basini, ClearScore’s CEO, in a blog post: I believe that this acquisition will allow us to grow faster and develop exciting new innovations that will deliver improved financial well-being to you, our current users, in the UK and South Africa, and hopefully millions more around the world.”
Brian Cassin, chief executive officer of Experian, commented on the deal:“In acquiring ClearScore, we will take another important step in our strategy to extend the services we provide to UK consumers.
“Our goal is to provide more choice and greater convenience to individuals who want access to personal financial products at the best prices, while also making it easier for credit providers to offer better, more tailored offers to consumers.
“We look forward to welcoming the ClearScore team to Experian and to including the ClearScore brand as part of our broader offer,” he added.
The deal, which is expected to close later this year, is subject to regulatory approval by the Competition & Markets Authority and the Financial Conduct Authority, as well as other customary closing conditions, and will be funded from Experian’s existing committed bank facilities.