Credit bureau Experian announced on Thursday that it will acquire fintech company ClearScore for £275 million ($385 million U.S.), a move that will expand its presence in the U.K.
ClearScore provides free credit scores to British customers, and has about six million users. Those who obtain a credit score are then offered tailored financial products, as well as financial education.
Offers through ClearScore include credit cards, loans, mortgages, car loans, and more.
In announcing the acquisition, Experian noted that the U.K. market for introducing financial products is large and growing rapidly. ClearScore’s presence both online and on mobile devices was also seen as a benefit, as consumers look for more immediate and convenient ways of seeking credit.
“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,” Experian Chief Executive Brian Cassin said. “We look forward to welcoming the ClearScore team to Experian and to including the ClearScore brand as part of our broader offer.”
Experian plans to keep the ClearScore brand separate, continuing to offer the same services to U.K. customers under the same name. The deal is expected to close later this year.