Clearscore has secured £30 million in debt financing to accelerate its expansion across global markets. The funding, provided by HSBC Innovation Banking, will help the fintech strengthen its presence in key regions.
Since partnering in 2017, HSBC Innovation Banking has played a crucial role in Clearscore’s growth. The company now serves over 24 million users across the UK, South Africa, Australia, New Zealand, and Canada. The latest funding aims to enhance its services and fuel further innovation.
Clearscore has long been seen as a “soonicorn,” with expectations that it will soon reach a £1 billion valuation. The fresh investment brings the firm closer to achieving unicorn status. With its rapid expansion, Clearscore continues to solidify its position as a major player in the fintech industry.
The company has already used part of the funding to acquire Arlo Finance, a smaller fintech with partnerships in the retail sector. This marks Clearscore’s second major acquisition following its purchase of Moneyboard in 2022. The deal aligns with the firm’s strategy to expand embedded finance solutions and secure loan offerings.
Brian Cole, Clearscore’s Chief Financial Officer, emphasized the importance of the funding. “As a profitable fintech operating at a global scale, we have strong options for future investments. This financing allows us to expand our product range and improve access for our users,” he stated.
HSBC Innovation Banking has a history of supporting emerging fintech companies. It previously partnered with UK-based Monese, investing nearly £28 million. However, the bank later wrote off its stake following a restructuring at Monese. Despite setbacks, HSBC remains committed to backing fintechs with high growth potential.
Nick Conway, Director of Fintech Coverage at HSBC Innovation Banking UK, praised Clearscore’s progress. “Clearscore has been a valued partner, and we are excited to support their continued growth. This funding demonstrates our commitment to helping fintechs scale and innovate,” he said.
With strong financial backing and a clear expansion strategy, Clearscore is poised to transform the way people manage their financial health. As the company continues to grow, it aims to redefine the fintech landscape and bring innovative financial solutions to more users worldwide.
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