ClearScore Group secures new growth capital from HSBC Innovation Banking

Data-driven financial marketplace the ClearScore Group has secured a £30 million growth capital facility from HSBC Innovation Banking.

In a post on LinkedIn, HSBC Innovation Banking, which has backed ClearScore since 2017, stated that the growth capital will “help the financial marketplace reach their next milestones”.

ClearScore operates in the UK, South Africa, Australia and Canada, where it helps more than 24 million users improve their financial wellbeing, by providing them with access to their financial data, including credit reports and credit scores, as well as Open Banking data.

Brian Cole, chief financial officer of ClearScore, said: “As a profitable fintech operating at global scale, we have options when it comes to choosing how to invest for the next 10 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.”

He added: “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.”

The investment from HSBC Innovation Banking comes after the group announced the acquisition of Manchester-based Aro Finance at the start of this year.

The deal is its second acquisition and one which sees it expand into embedded finance and secured loan broking.

ClearScore made its first acquisition back in 2022, when it bought Money Dashboard, known for its ability to identify financial behavioural patterns using Open Banking and subsequently launched a B2B Open Banking and data insight unit, D•One.