Growth
ClearScore: A booming UK fintech going global
- Growth
- Testimonial
- 4 minutes read
Learn how our services have helped ClearScore to cement their status as one of the UK's global FinTech success stories.
- ClearScore has scaled fast: nearly 25m users across four continents, using data analytics and machine learning to help people make better financial decisions.
- Since 2017, we have supported ClearScore’s journey from startup to profitability, supporting international growth with FX services and a tailored receivables facility.
- We also supported expansion via M&A, including £30m debt financing (e.g., Aro Finance acquisition), helping ClearScore broaden products and progress towards an IPO.
About ClearScore: An anchor brand for UK fintech
Brian Cole, Group Chief Financial Officer, ClearScore"Over the past decade, ClearScore has established itself as an anchor brand in consumer financial services across each of its markets, enabling the dramatic growth of FinTech and digital lending, all for the benefit of its users."
ClearScore is a UK fintech operating on a global scale - a data-driven tech platform that's already a major success story. They provide customer credit scoring and reporting, while partnerships with financial services firms offer access to a powerful retail platform for their products, connecting customers with the most relevant solutions.
Over the last decade, ClearScore has quickly grown to serve nearly 25 million users across four continents. What sets them apart is their user-first focus and mission to empower people to take decisions that promote their financial wellbeing. They do this through proprietary data analytics and machine learning technologies that connect consumers with financial products such as credit cards, loans and car finance.
The future of fintech: Forged by strategic partnership
Brian Cole, Group Chief Financial Officer, ClearScore"All along the way the HSBC Innovation Banking team has been with us, supporting ClearScore through each of the stages of our growth, from startup right through to profitability."
We've been working with ClearScore since 2017, supporting their growth from startup towards an IPO with various services, including a foreign currency team to help fund ClearScore's growing international operations, and a flexible accounts receiving facility tailored to the business’ unique needs.
As a strategic partner, we are also proud to have helped ClearScore complete a series of mergers and acquisitions as they continue to expand their brand. For example, we provided £30 million in debt financing. This has already been used to help expand M&A activity – like the recent acquisition of Manchester-based credit marketplace supplier Aro Finance – and to add more products to the range.
A bright future for a leading fintech
Brian Cole, Group Chief Financial Officer, ClearScore"Innovation Banking [have] helped us scale through the years, they're a wonderful strategic partner and we're looking forward to growing the relationship into the future."
ClearScore's growth strategy has already seen them move into areas such as embedded finance, with their services integrated into the digital journeys of some of the largest e-commerce retailers in the UK. Future mergers and acquisitions are also in the pipeline as the brand continues to expand and scale up.
With a reported valuation of $700 million in 2021, the company has been described as a 'soonicorn' - well on the way to the coveted $1 billion mark that defines a 'unicorn' brand.
As they work towards a future IPO, we will be right there to help them reach the next level.
Any opinions expressed are merely opinions and not facts. All information in this document is for general informational purposes and not to be construed as professional advice or to create a professional relationship and the information is not intended as a substitute for professional advice. Nothing in this document takes into account your company’s individual circumstances. HSBC Innovation Banking does not make any representations or warranties with respect to the accuracy, applicability, fitness or completeness of this document and the material may not reflect the most current legal or regulatory developments. HSBC Innovation Banking disclaims all liability in respect to actions taken or not taken based on any or all of the contents in this document to the fullest extent permitted by law. Nothing relating to this material should be construed as a solicitation or offer, or recommendation, to acquire or dispose of any investment or to engage in any other transaction.
