HSBC backs ClearScore with £30M debt financing

Credit score service fintech ClearScore has scored £30m in debt financing from HSBC Innovation Banking, cementing its partnership with the specialist tech division of the banking giant.

London-headquartered ClearScore, whose relationship with HSBC dates back to 2017, said it would use the debt financing to drive growth in the UK and overseas.

ClearScore said financing from HSBC had helped it make acquisitions, pointing to its recent acquisition of Manchester-based credit marketplace supplier Aro Finance.

The purchase of Aro marked ClearScore’s second acquisition after it purchased Moneyboard in 2022.

It said financing from HSBC has also helped expand ClearScore’s secured loan offering and paved its entry into embedded finance.

HSBC’s Innovation Banking subsidiary provides innovative businesses with commercial banking services, expertise and insights.

Founded in 2015, ClearScore, which has nearly 24m customers, provides credit information and an online financial marketplace and is backed by Blenheim Chalcott, Brightbridge Ventures, Lead Edge Capital, and QED. It was valued at around $700m in a 2021 funding round.

Brian Cole, CFO, ClearScore, said:

“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.”