Finance

Credit score fintech set to launch open banking centre of excellence in Edinburgh



The ClearScore Group has announced a “significant investment” in Edinburgh, with plans to build an open banking centre of excellence.

The credit scoring company plans to employ more than 100 people in the capital, including developers, data engineers, data scientists and product and design professionals.

ClearScore is partnering with more than 10 financial institutions to allow users – with their permission – to share their bank account data with these lenders to secure better rates on credit cards and loans.

ClearScore also confirmed it has acquired open banking data platform Money Dashboard for an undisclosed sum. The deal should help it deliver new services to users through the ClearScore and DriveScore apps. It also provides an entry for ClearScore into the rapidly growing alternative data space.

Justin Basini, chief executive and co-founder at the ClearScore Group, said: “Open Banking has the potential to transform the credit industry and give people the opportunity to actively take control of their financial wellbeing.

“The tremendous growth we have seen in consumers securely sharing their banking data to simplify their personal finances shows clearly that open banking is moving to the mainstream.”

Secretary for Finance and Economy Kate Forbes said: “The Scottish Government welcomes the expansion of the ClearScore Group into Edinburgh, this move will bring a significant number of secure, high-value jobs to the city and further strengthen Scotland’s position as a leading hub for Digital Financial Services.

“We look forward to supporting ClearScore’s ambitions in Scotland as the company scales up its offering to a growing user base.”

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