UK fintech ClearScore has secured a $200 million investment from global equity investor Invus Opportunities, valuing the credit scoring company at $700 million.
Following the investment, which is a combination of primary and secondary, Benjamin Tsai, partner at Invus Opportunities will join the board of ClearScore.
Co-founders of ClearScore Nigel Morris and Justin Basini will remain as chairman and chief executive respectively.
The investment will see Invus Opportunities take a significant minority position in the fintech, while existing investors QED, Blenheim Chalcot and LeadEdge, along with management, will retain the majority of their positions in ClearScore.
Basini said: “As one of the only profitable UK fintech business operating at real scale, we didn’t need to raise money, but rather we chose to partner with Invus. We made this decision as a team because of Invus’ track record of working strategically over the long term with their businesses to recognise global opportunities, whilst delivering superior services to consumers.”
He added: “I have been incredibly impressed with Invus’ insight and I’m looking forward to working closely with them to deliver our vision, that ClearScore will become an indispensable financial partner to millions more users around the world.”
ClearScore currently has 14 million customers globally on three continents.
“We partner best with ambitious companies who are committed to making a positive impact on the lives of their customers,” Tsai said.
“For us, ClearScore does this exceptionally well, as evidenced by their innovative product offering and ever-growing user base. We see huge potential in the business, already sustainable and profitable, and are excited to be involved in the ClearScore journey.”