Experian has struck a major deal to acquire three-year-old financial technology firm ClearScore for £275m.
ClearScore matches individuals to personal financial products, offering free credit reports, scores and personal financial education, both online and through mobile devices.
Since its launch, the company has enrolled over six million members in the UK through its free membership model.
The acquisition is subject to regulatory approval by the Competition and Markets Authority (CMA) and the Financial Conduct Authority (FCA), as well as other conditions.
In a blog post, ClearScore founder and CEO Justin Basini assured members that they will always be able to see their credit report and score for free and forever.
He added: “I believe that this acquisition will allow us to grow faster and develop exciting new innovations that will deliver improved financial well-being to you, our current users, in the UK and South Africa, and hopefully millions more around the world.”
Experian chief executive Brian Cassin said: “In acquiring ClearScore, we will take another important step in our strategy to extend the services we provide to UK consumers.
“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.
“We look forward to welcoming the ClearScore team to Experian and to including the ClearScore brand as part of our broader offer.”
If approved, the deal is expected to complete later this year.