ClearScore Group has announced a “significant investment” in Edinburgh, with plans to build an open banking center 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 partners with over 10 financial institutions to allow users – with their permission – to share their bank account data with these lenders to get better rates on credit cards and loans.
ClearScore has also confirmed that it has acquired open banking data platform Money Dashboard for an undisclosed amount. The deal is expected to help it provide 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, CEO and Co-Founder of ClearScore Group, said, “Open Banking has the potential to transform the credit industry and empower people to actively take control of their financial well-being.
“The huge growth we’ve seen in consumers securely sharing their banking data to simplify their personal finances clearly shows that open banking is going mainstream.”
Finance and Economy Secretary Kate Forbes said: “The Scottish Government welcomes the expansion of the ClearScore Group to Edinburgh, this move will bring a significant number of high-value, secure jobs to the city and will 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 expands its offering to a growing user base.”
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