The ClearScore Group, a UK-based free credit scoring service and marketplace, has secured £30 million in debt financing from HSBC Innovation Banking UK to support its growth in domestic and international markets.
This funding continues a partnership between ClearScore and HSBC Innovation Banking UK that began in 2017.
Over the past eight years, HSBC Innovation Banking has provided financial support for ClearScore’s expansion.
The company now serves over 24 million users in the UK, South Africa, Australia, New Zealand, and Canada.
Brian Cole, Chief Financial Officer at ClearScore, stated:
“As a profitable fintech operating at global scale, we have options when it comes to choosing how to invest for the next ten years of growth. This funding allows us to expand the range of products we can offer our users and the channels through which we can reach them.”
Nick Conway, Director of FinTech Coverage at HSBC Innovation Banking UK, said:
“ClearScore has been a valued long-term partner, and we’re thrilled to have been able to support their growth with this financing. We look forward to continuing our collaboration as they continue to transform the way people manage their financial health.”
ClearScore has used part of the capital for acquisitions, including its recent purchase of Manchester-based credit marketplace supplier Aro Finance, which expands its secured loan services and supports its move into embedded finance.
In 2021, ClearScore secured US$200 million from global equity investor Invus Opportunities to accelerate the company’s ongoing investments to expand its team, product suite, and customer base globally.
Featured image credit: edited from freepik
