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ClearScore Secures £30m Financing From HSBC Innovation Banking UK to Fuel Next Phase of Growth
The ClearScore Group, a leading global FinTech and data-driven financial marketplace, has secured £30 million in debt financing from HSBC Innovation Banking UK to drive further business growth across domestic and international markets.
This funding marks the latest chapter in a longstanding partnership between ClearScore and HSBC Innovation Banking UK, which began in 2017. Over the past eight years, HSBC Innovation Banking has provided financing to support ClearScore’s growth objectives, playing a vital role in its global expansion. The financial marketplace now helps over 24 million users improve their financial wellbeing across the UK, South Africa, Australia, New Zealand and Canada.
Brian Cole, Chief Financial Officer at the ClearScore Group, commented: “As a profitable fintech operating at global scale, we’re in a good spot 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.”
Nick Conway, Director, FinTech Coverage at HSBC Innovation Banking UK, commented: “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.”
One example in which the growth capital has been used is to enable ClearScore to execute on its M&A strategy with the recent acquisition of Manchester-based credit marketplace supplier Aro Finance, expanding ClearScore’s secured loan offering and paving its entry into embedded finance.
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