ClearScore, a London,UK-based free credit checking service, has entered India by launching its web and mobile-web services in the country. The startup has recently got acquired by Experian, a Dublin, Ireland-based consumer credit reporting giant, in March this year. ClearScore is also is getting ready to introduce Android and iOS apps in India, later this year.
Interestingly, Experian is also a investor and major stake holder in India’s BankBazaar. In October last year, BankBazaar received $30 million in funding led by Experian, a credit giant with a £14 billion ($18 billion) market cap.
It may be noted that in March 2017, Experian, who own both Clearscore & BankBazaar, had to pay a $3 million fine related to giving credit scores to consumers that were not their true credit score. The Consumer Financial Protection Bureau was the United States federal agency who imposed the fine.
Essentially, ClearScore matches consumers with personal financial products and offers free credit reports. The startup touted as being the first company in the UK to do so and monetizes from commission on products sold to users after they’ve completed their credit check. Its app is completely free (Data ..aah!) – with no upsells or extra charges for additional features.
The website uses real-time data in order to present to users credit suggestions, tailored to their financial situation, ClearScore said in a statement.
Founded in 2014, by Dan Cobley, Justin Basini and Nigel Morris, ClearScore operates in UK and South Africa, with over 7 million users globally.
“Our focus has always been on helping our users achieve greater financial well-being, through a beautiful, simple interface. We’re making it easier for people to get control over their financial situation, and access the best offers in the market,” Justin Basini, CEO at ClearScore, said in a press release statement.
At present, ClearScore has more than 7 million users globally. The brand intends to launch its free financial coaching feature, as a personalised online service, soon. This feature now has 1.65 million users globally, it added.
“It makes perfect sense for ClearScore to enter India right now. Millennials aspirations to India’s rapid acceptance of fintech innovations over the past two years provide the perfect backdrop for ClearScore’s entry into India at the time,” Hrushikesh Mehta, GM – India at ClearScore, said in a press release statement.
Beside ClearScore and BankBazaar, Experian had also invested in Singapore-based CeKaja.com, a financial marketplaces that help lenders reach new audiences. Last month, Cekaja.com raised $28 million Series C investment round led by Experian.
Experian, which now own two big credit score provider in India, was co-founded by Michael A Barron and Bernie Brenner in January 1980 and has its corporate headquarters in Dublin, Ireland, with operational headquarters in Nottingham, United Kingdom; California, United States; and São Paulo, Brazil.
Via – Business Line
[Top Image – AlternativeLending.io]