Credit data service Experian has agreed to acquire U.K. fintech startup ClearScore, for $385 million (or £275 million) in a deal expected to close later this year, it was announced today.
ClearScore, which has about six million users, as reported by TechCrunch, provides customers with a credit score before using that score to provide recommendations for financial products, like credit cards, similar to the U.S.-based Credit Karma.
The startup, whose service focuses on the mobile device, provides its credit score updates and other services sans fees or other charges, seeking to drive revenue entirely through its recommendations for financial products (the company would get a cut every time a user applied for a credit card, loan, or other service via the engine).
For now, Experian will keep ClearScore under its own branding, TechCrunch reported. The credit score provider seeks to use ClearScore’s technology suite to provide better access for their own customers as well as easing the path for credit providers, Brian Cassin, CEO of Experian, noted in a statement sent to media.2 - Readers Like This Post