ClearScore lands $200m investment from Invus
UK consumer finance company ClearScore has received a $200 million investment from Invus Opportunities as it looks to accelerate its UK and international expansion.
ClearScore has 11 million customers in the UK and 3 million in Australia and South Africa
ClearScore, which currently serves 11 million UK customers and a further 3 million worldwide, says the deal will boost its plans to expand its team, product suite and customer base.
The investment puts the fintech at a valuation of $700 million and sees US-based equity investment firm Invus take a significant minority position in the company.
Existing investors – QED, Blenheim Chalcot and LeadEdge – together with management, will retain the majority of their positions in ClearScore.
As part of the deal, Benjamin Tsai of Invus Opportunities will also join the ClearScore board, with co-founders Nigel Morris and Justin Basini continuing as chairman and CEO respectively.
“As one of the only profitable UK fintech business operating at real scale, we didn’t need to raise money, but rather we chose to partner with Invus,” says Basani.
“We made this decision as a team because of Invus’ track record of working strategically over the long term with their businesses to recognise global opportunities, whilst delivering superior services to consumers.”
Tsai adds: “We partner best with ambitious companies who are committed to making a positive impact on the lives of their customers.
“We see huge potential in the business, already sustainable and profitable, and are excited to be involved in the ClearScore journey.”
