ClearScore Group Expands into Mortgage Sector
ClearScore Group, one of Britain’s leading financial technology companies, is set to announce the acquisition of a technology platform for the mortgage sector. This move is aimed at diversifying its revenue base ahead of its listing. The company has struck a deal to acquire Acre Platforms for an undisclosed sum, which will accelerate its push into the mortgage industry.
Background and Previous Acquisitions
ClearScore has evolved from a credit scoring agency into a broader financial marketplace provider. Last year, it acquired Aro Finance, strengthening its presence in providing secured loans. This acquisition enabled the company to expand its services and offer more comprehensive financial solutions to its users.
Expansion Plans
The acquisition of Acre will expand ClearScore’s position in the mortgage sector, allowing it to tap into its 16 million UK user base. The company plans to offer its mortgage platform to customers in Australia, Canada, New Zealand, and South Africa, further expanding its global reach.
Growth and IPO Plans
Led by its co-founder and CEO, ClearScore is experiencing rapid growth and is firmly on the path to an initial public offering (IPO). The company’s leadership has called on the Government to encourage retail investment in the UK, making a stronger case for listing in the UK rather than on a foreign stock exchange.
Acquisition Details
A spokesperson for ClearScore Group stated that Acre is a strategic acquisition, strengthening the company’s position in mortgages and building on its expansion into secured lending. The addition of Acre will provide ClearScore users with more comprehensive insights and strengthen its overall home lending capability.
Global User Base and Services
ClearScore has a total of over 25 million users worldwide. The company uses credit and affordability data to match users with credit cards, loans, and car financing, providing a range of financial services to its users. The acquisition of Acre will further enhance these services, offering users a more comprehensive financial marketplace.
