Former Capital One marketing chief Justin Basini has landed a big payday after agreeing to sell online credit referencing and financial service ClearScore to Experian, in a deal worth £275m.
Launched in 2015 to take on the likes of Experian, Equifax and Callcredit, the company is backed by Blenheim Chalcot and QED Investors. The founders include Basini, former Capital One president Nigel Morris and ex-Google UK managing director Dan Cobley.
Initially it partnered with Equifax to deliver the credit reports and score data, while the product matching service was delivered in partnership with TotallyMoney.com.
It works by matching individuals to personal financial products, including credit cards, loans, mortgages, and car loans, and offers free credit reports, scores and personal financial education, both online and through mobile devices. It generates revenue through referral fees paid by lenders and other service providers on its site.
The company is on track to generate revenue of around $55m (£40m) this year, up 50% on the previous year and has enrolled over 6 million members in the UK through its free membership model.
Experian chief executive 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.
“We look forward to welcoming the ClearScore team to Experian and to including the ClearScore brand as part of our broader offer.”
On completion of the deal, which requires regulatory approval, ClearScore will be included within Experian’s UK Consumer Services.
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