UK shopper finance firm ClearScore has acquired a $200 million funding from Invus Alternatives because it seems to be to speed up its UK and worldwide growth.
ClearScore, which at present serves 11 million UK clients and an additional 3 million worldwide, says the deal will increase its plans to increase its workforce, product suite and buyer base.
The funding places the fintech at a valuation of $700 million and sees US-based fairness funding agency Invus take a major minority place within the firm.
Current buyers – QED, Blenheim Chalcot and LeadEdge – along with administration, will retain nearly all of their positions in ClearScore.
As a part of the deal, Benjamin Tsai of Invus Alternatives may even be a part of the ClearScore board, with co-founders Nigel Morris and Justin Basini persevering with as chairman and CEO respectively.
“As one of many solely worthwhile UK fintech enterprise working at actual scale, we didn’t want to lift cash, however reasonably we selected to associate with Invus,” says Basani.
“We made this resolution as a workforce due to Invus’ monitor document of working strategically over the long run with their companies to recognise world alternatives, while delivering superior companies to customers.”
Tsai provides: “We associate finest with bold firms who’re dedicated to creating a optimistic influence on the lives of their clients.
“We see big potential within the enterprise, already sustainable and worthwhile, and are excited to be concerned within the ClearScore journey.”