Experian, a data and information platform, has acquired personal finance and credit scoring platform ClearScore, for £275m.
UK-based ClearScore matches consumers with personal finance products, offering free credit reports, scores and finance education. The app, which is available through mobile and online devices, helps to offer personal finance products suited to the individual circumstances, including credit cards, loans, mortgages, car loans and other services.
The free-to-use platform generates its revenue through referral fees paid by lenders and other providers. For the current calendar ClearScore is set to generate revenue of $55m, which is 50 per cent rise on last year.
This year’s EBIT contribution to Experian is expected to be neutral, but this is set to increase to $20m next year.
Experian is a global information company that helps consumers to mange their data and better control their finances. The platform can help connect consumers with their information regarding buying or selling cars, sending children to college, growing a business, and more.
Through the acquisition, ClearScore hopes to bolster its offerings through the use of Experian’s data assets, analytical capabilities and distribution. Experian is set to benefit by accelerating its international expansion efforts.
Experian CEO Brian Cassin said, “In acquiring ClearScore, we will take another important step in our strategy to extend the services we provide to UK consumers. Our goal is to provide more choice and greater convenience to individuals who want access to personal financial products at the best prices, while also making it easier for credit providers to offer better, more tailored offers to consumers.”
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