ClearScore is a leading credit marketplace which gives people free access to their credit score and report, helping them to understand and improve their financial situation.
With 17 million users worldwide, ClearScore is a market leader in the UK and South Africa and gaining traction in Australia.
Canada marks ClearScore’s fourth market, with more than 30,000 users reported in the first month. In addition to a Canadian product offering, ClearScore has established an office in Toronto and is actively hiring in Canada to help grow its latest market.
Fintech.ca sat down with Canadian general manager Tassie Milne to learn more about ClearScore and how they can help Canadians at a time when the cost of living is posing a big issue from coast to coast.
What is ClearScore?
ClearScore is a leading credit marketplace which gives people free access to their credit score and report, helping them to understand and improve their financial situation. We also help people to access and save money on credit cards, loans, mortgages by presenting them with a personalized recommendation on the best rates and rewards based on their credit score.
The app is free to use and we have over 17 million users worldwide. As a user-first, technology led organization, the financial products that people see on our site are not influenced by commission from our partners; the offers are presented in a clear, straightforward manner with the user’s best interests in mind.
Why has the business decided to launch in Canada? Has the cost-of-living crisis affected the early operational phase?
Canada has always been on our radar and we’re excited to bring our platform to such a dynamic and fast-moving credit market, one which we believe could greatly benefit from the technology and financial wellbeing that ClearScore offers its users.
We’re aware that we are launching in an uncertain and challenging economic climate; the cost-of-living crisis continues to affect people all over the world and Canadians are not immune. Just over half (54%) of Canadians say they’re living pay cheque to pay cheque. In this context people are increasingly seeing the value in making informed decisions about their finances and accessing the best possible deal. ClearScore is being rightly recognized as a useful tool to help people navigate these tough times. The early feedback that we have received from both users and partners has been very positive.
Which businesses have you partnered with and how many users do you have on board already?
We have partnered with TransUnion to offer credit scores and report data for our customers, as well as some of the leading financial institutions in Canada including BMO, CIBC, RBC, Scotiabank, Tangerine, Amex, Neo, Capital One, Walmart, HSBC, Symple Financial, and Fairstone Bank. Over 30,000 users have signed up since we launched in Canada in September, which is testament to the quality of the platform and the outcomes it provides for users.
Canada is the fourth market you’ve launched in, after the UK, South Africa and Australia. What are the learnings you’ve gained from working in these other countries?
Our users have always been at the core of our business, and this is a philosophy that has driven our success to date. What we realized is that people are broadly facing similar situations all over the world and that there is a huge amount of relevance that we can bring from other markets.
Everybody needs financial products to a greater or lesser extent to help them reach their goals. Everybody wants to get to grips with their financial situation and move on in life. Everybody wants a greater understanding of how finance works and what they can do to be in the best possible situation. These are universal needs and Canada is no different.
What does the future hold for ClearScore CA? Where do you see growth coming from over the next few years?
Having already established partnerships and exclusive offers with major banks and credit providers, we are well placed for a similar rate of growth to that we’ve experienced in our other markets. Toronto has a strong technology sector, resilient financial system and quality pool of talent putting it on the global fintech map and it’s exciting to be part of this ecosystem.
We’re seeking to become the leading credit marketplace in Canada, replicating what we’ve achieved in other markets including the UK, the location of our global headquarters.
Open Banking hasn’t yet been implemented in Canada. What difference will this make for ClearScore and how will it affect consumers?
Open banking will make it even easier for our users to understand their finances and take advantage of tailored products which can help to improve their financial well-being. By connecting their bank accounts to the platform, it will allow lenders a far more detailed view of what products are best suited to their circumstances, based on more current data. We want to build a financial future that is clearer, cheaper, faster and fairer, and open banking will be a key drive in its delivery.