FinTech: ClearScore, UK, Scores $200M Investment From Invus Opportunities
ClearScore is a free credit scoring service and financial marketplace.
ClearScore, the UK-based fintech that provides free credit scores to everybody (forever) announced it had received an investment of $200 million, at a valuation of $700 million, from Invus Opportunities, the global equity investor. Existing investors QED, Blenheim Chalcot and LeadEdge, together with management, retained the majority of their positions in ClearScore, but allowed Invus Opportunities to take a significant minority position in the company. (BusinessWire)
Benjamin Tsai of Invus Opportunities will join the ClearScore board, with co-founders Nigel Morris remaining as Chairman and Justin Basini continuing as Chief Executive.
ClearScore gives its users free access to their full credit history while the platform matches up suitable financial products based on their financial profile.
ClearScore is committed to the financial health of its users, and therefore also makes available information on their finances such as accounts and payments. Additionally, it offers free online coaching programs to help users improve their financial standing.
Justin Basini (pictured above), Dan Cobley and Nigel Morris co-founded ClearScore in 2015, and to their credit, the fintech has been profitable. The platform earns a cut from the financial products sold to its users.
ClearScore will use the funding to further invest in its team, product suite and global customer base.
Benjamin Tsai of Invus said that ClearScore’s business, already sustainable and profitable, had huge potential being driven by their innovative products and expanding user base.
We didn’t need the money
“As one of the only profitable UK fintech business operating at real scale, we didn’t need to raise money, but rather we chose to partner with Invus,” said Basini. “We made this decision as a team because of Invus’ track record of working strategically over the long term with their businesses to recognise global opportunities, whilst delivering superior services to consumers.”
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