ClearScore Group, a fintech based in London, has obtained €36.1m ($37.8m) in debt financing from HSBC Innovation Banking UK.
This financing will help bolster the company’s growth initiatives across both domestic and international markets.
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ClearScore and HSBC Innovation Banking UK, a part of HSBC, have been collaborating since 2017, with the bank playing a significant role in ClearScore’s global expansion over the last eight years.
This latest round of funding is a continuation of their partnership, aimed at furthering ClearScore’s reach and product offerings.
ClearScore Group chief financial officer Brian Cole said: “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 products we can offer our users and the channels through which we can reach them. HSBC Innovation Banking has been a key strategic partner to enable us to scale at pace and become one of the UK’s leading fintech brands.”
Founded in 2015, ClearScore launched with an app designed to enhance financial wellbeing for users.
The app allows individuals to check their credit score and report, gain personalised financial insights, and access customised credit deals without affecting their credit rating.
The platform also features tools such as ‘Credit Health’ for a detailed financial overview and ‘Protect’ for dark web monitoring to prevent identity theft.
Since its inception, the group has experienced rapid growth, now serving over 24 million users across five countries, including the UK, South Africa, Australia, Canada, and New Zealand.
ClearScore has also diversified its services with DriveScore, a data-driven marketplace, and D•One, an open banking service tailored for credit marketplaces.
Recently, ClearScore acquired Aro Finance, a Manchester-based credit marketplace supplier.
This deal has expanded ClearScore’s secured loan offerings and marked its entry into embedded finance.
In 2022, the company acquired Moneyboard, an online personal financial management service.
HSBC Innovation Banking UK FinTech Coverage director Nick Conway 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. This is a great example of how HSBC Innovation Banking helps our UK FinTech clients achieve their ambitions, scale and build world class, innovation driven businesses.”
In February 2024, ClearScore released a whitepaper that stated the UK non-prime lending market contracted by more than a third (34%) since 2019, while unsecured loans from unregulated lenders have risen significantly.
