HSBC Innovation Banking bets £30m on fintech Clearscore
HSBC Innovation Banking has backed global fintech Clearscore lending £30m in debt financing.
After first partnering in 2017, the fintech said the continued support of the bank will help drive further business growth across domestic and international markets.
Clearscore credited the lender for its “vital role in its global expansion” with the financial marketplace now hosting over 24m users across the UK, South Africa, Australia New Zealand, and Canada.
It has long been tipped as a “soonicorn” with it expected to reach the unicorn status of a £1bn valuation in the near future.
The firm said the growth capital enabled it to snap up smaller fintech Aro Finance, which is partnered with Argos and Asda.
The deal marked Clearscore’s second acquisition after its purchase of Moneyboard in 2022 and comes as part of the firm’s goal to introduce embedded finance and expand secured loan offering.
Brian Cole, Chief Financial Officer at the ClearScore Group, said: “As a profitable fintech operating at global scale, we have options when it comes to choosing how to invest for the next ten years of growth.
“This funding allows us to expand the range products we can offer our users and the channels through which we can reach them.
“HSBC Innovation Banking has been a key strategic partner to enable us to scale at pace and become one of the UK’s leading fintech brands.”
‘Great example’ of HSBC’s fintech partnerships
HSBC has a history of working with emerging fintechs, having a previous partnership with UK-based Monese.
The bank had invested £27.8m in the firm once touted as a potential unicorn, but fully wrote off its stake in October 2024.
This followed a restructuring process at Monese and the investment failing on returns after the bank had initially aimed to integrate Monese’s banking-as-a-service technology into its own services.
HSBC’s Innovation Banking subsidiary provides commercial banking services, expertise and insights to emerging innovative businesses.
Nick Conway, director of fintech coverage at HSBC Innovation Banking UK, said: “Clearscore has been a valued long-term partner, and we’re thrilled to have been able to support their growth with this financing.
“We look forward to continuing our collaboration as they continue to transform the way people manage their financial health.
“This is a great example of how HSBC Innovation Banking helps our UK fintech clients achieve their ambitions, scale and build world class, innovation driven businesses.”