The biggest credit data company in the world, Experian, has acquired Clearscore, a fintech company that is based in London, in a £275m deal.
Brian Cassin, the CEO of the credit checking firm, said that the deal was “another important step in our strategy to extend the services we provide to UK consumers.”
Clearscore was launched in July 2015, and it currently offers credit checks to more than 6m customers free in the United Kingdom. The company generates income from the products that it sells to their customers who get credit checks. It said that is on track to make a revenue amounting to $55m (£39m) in 2018.
In the acquisition of the startup, Experian will be aiming to expand its services while also diversifying the customer base of the company, taking on the younger and more engaged clientele of Clearscore as well as Clearscore’s slick online interface.
Cassin said in a statement that Experian would be able to “benefit from Clearscore’s skill in developing services which are appealing and easy to use.”
Experian has also made similar acquisitions in the United States and Brazil. It said that the deal would help in accelerating the international growth of the company: ClearScore expanded to South Africa recently, and currently serves more than 300,000 customers. Experian operates in 37 various countries currently.
Justin Basini, the CEO of Clearscore stated: “I believe that this acquisition will allow us to grow faster and develop exciting new innovations that will deliver improved financial well-being to you, our current users, in the UK and South Africa, and hopefully millions more around the world.”
The said deal is anticipated to go through later in 2018, pending approval from the Financial Conduct Authority (FCA) and the Competition and Markets Authority of the United Kingdom. Once the purchase is approved, it will be one of the biggest tech exits of the United Kingdom in years.