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April 25, 2022
January 6, 2025
By Evans Momodu
2 minute digest
ClearScore, the credit information provider that nearly merged with FTSE-100 company Experian seven years ago, is bolstering its independent growth with the acquisition of Aro Finance, a Manchester-based credit marketplace.
Aro Finance collaborates with partners such as Argos and Asda, embedding its credit marketplace technology within their digital platforms.
ClearScore, which serves nearly 24 million users globally, sees this deal as a way to enhance its offerings and expand its revenue streams.
This marks ClearScore's second acquisition, following its 2022 purchase of Money Dashboard. The financial terms of the deal, which require regulatory approval, have not been disclosed.
ClearScore's CEO, Justin Basini, emphasized the strategic importance of the acquisition, noting that it would help the company enter new areas like embedded finance and second-charge lending. These areas align with ClearScore’s goal of supporting debt consolidation through its data-driven platform.
Launched last summer, ClearScore's "Clearer" service helps consumers automatically repay credit card debts and loans, and the addition of Aro Finance’s capabilities will expand its reach through retail channels.
This acquisition further solidifies ClearScore’s position as a major player in the fintech space, with potential for a public listing in the medium term.
Aro Finance, which employs about 90 people, joins a company backed by prominent investors including QED, Invus Opps, and Lead Edge Capital.
The move underscores ClearScore’s ambition to continue scaling and diversifying its services, despite narrowly avoiding a £275m sale to Experian in 2018.
Source: Sky news