Credit, Collections & Insolvency News
HSBC Innovation Banking has provided £30 million in debt financing to fintech Clearscore.
Clearscore says that the funding is crucial for Clearscore’s expansion in both domestic and international markets.
The capital will also facilitate Clearscore’s acquisition of Arlo Finance, enhancing its secured loan offerings. 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 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.”
Nick Conway, Director, FinTech Coverage at HSBC Innovation Banking 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.”
