On Thursday, UK fintech startup ClearScore announced it was acquired by credit data firm Experian. According to various reports, the company was purchased for £275 million. Founded in 2015, ClearScore describes itself as one of the leading fintech businesses in the UK. It aims to change the way everyone manages their financing, which starts with their free credit score and report. Since its launch, the company now has more than six million users and has achieved various awards for innovation and technology.
“Since day one at ClearScore our vision has been to help everyone, no matter what their circumstances, achieve greater financial wellbeing. We have made a great start to tackling this important, global mission. We’re incredibly proud that in just three years, we’ve already helped over six million people access their credit score and report for free, forever in the UK. We have also started our global journey and now serve over 300,000 South Africans.
“At ClearScore, we are focused on you, our user, and this won’t change. You will always be able to see your credit report and score for free, forever with ClearScore. We will continue to innovate and focus on giving you the knowledge you need to make better financial decisions and make the process of choosing financial products radically quicker, simpler and easier. We will continue to operate under the brand ClearScore. 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.”
Charles Butterworth, Managing Director of Experian UK&I & EMEA, added:
“We’re delighted to be announcing this proposed acquisition. It’s Experian’s goal to deliver the best choice of services to consumers to help them plan and better manage their financial lives. Bringing ClearScore into the Experian family is an important step on that journey, allowing us to share knowledge and insight between the two organisations and bring new scale and support to ClearScore’s existing business. We’re excited to combine the experience and strength of Experian’s global organisation with those of a successful and rapidly scaling business. And together, we’ll be able to deliver a broader range of products and services that will further improve consumer choice in the UK and beyond.”