Experian Acquires ClearScore for $385 Million

About a year after Experian received authorization from the U.K.’s FCA, the company has made further inroads into the nation with the acquisition of U.K.-based ClearScore. The deal is anticipated to close for $385 million (£275 million).

Brian Cassin, Experian CEO described the move as “another important step in our strategy to extend the services we provide to U.K. consumers.” Cassin added, “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.”

Founded in 2014, ClearScore has onboarded 6 million members in the U.K. through its free membership model. The company matches individuals to personal financial products, offers free credit reports, and provides financial education. Similar to Credit Karma in the U.S., ClearScore generates revenue through referral fees paid by lenders and other service providers on its site. The company is projected to generate $55 million in revenue in 2018, a 50% increase over what it earned in 2017.

Experian will retain the ClearScore brand and include it as part of its broader offering in the U.K. The company says it will benefit from ClearScore’s skills in creating a consumer-friendly user experience and in member engagement. Additionally, the acquisition will expand Experian’s geographical reach into South Africa, where ClearScore recently began offering services.

Additional payout is contingent on future financial performance. The transaction is subject to regulatory approval and is expected to close later in 2018.

Headquartered in Dublin, Ireland, Experian most recently presented at FinovateFall 2017 where it debuted Text for Credit. The new service allows consumers in search of credit to initiate the process with a text message, allowing them to review and apply for credit offers in minutes using their mobile device. Last month, the company earned a spot on One World Identity’s list of top 100 influencers.

Finovate Alumni News

On Finovate.com

  • SME Financing Meets Cross-Border Payments as BlueVine Partners with Veem.
  • Experian Acquires ClearScore for $385 Million.
  • Pindrop Partners with Voice Solutions Provider Aeriandi.

Around the web

  • Ethoca launches Integrated Solution suite to eradicate chargebacks.
  • Revolut launches direct debits in Europe.
  • PayU, Kreditech to offer cardless EMI option of Rs 1 lakh for online purchases.
  • Lendio franchise announced in South Charlotte region.

This post will be updated throughout the day as news and developments emerge. You can also follow all the alumni news headlines on the Finovate Twitter account.

20 Finovate Alums Earn Spots on One World Identity’s Top 100 Influencers List

When you think about it, what’s cooler than being named to a Who’s Who list in the world of digital identities?

One World Identity, an independent identity research and strategy company that specializes in cybersecurity, digital commerce, and risk management, published its roster of the Top 100 Influencers in Identity this week. This year, 20 Finovate alums made the cut. The individual influencers – as well as the companies they work for- are listed below.

As with last year’s roster, this year’s list was compiled by taking nominations submitted via Twitter, LinkedIn, and at oneworldidentity.com. The staff and advisory council for One World Identity whittled down the initial list of more than 1,000 nominees to a final 100.

One World Identity began as a project from a group of Google employees back in 2015. The company was officially launched the following year as a way to help spur innovation and collaboration in the field of digital identities. Travis Jarae is founder and CEO.

Finovate Alumni News

On Finovate.com

  • NetGuardians Teams Up with Masaref Business & Systems Consulting.
  • Hyperwallet Now Supports Payouts from Amazon’s Australia Marketplace.
  • Multiple-Time Best of Show Winner Avoka Raises $12 Million in New Funding.

Around the web

  • Fiserv signs agreements with Illinois Educators CU in Illinois and Members Financial FCU in Texas.
  • ABN Amro leverages Matrix from Five Degrees to launch its wealth management solution, Prospery.
  • Overbond appoints George Harrington as new Head of U.S. Business Development.
  • FIS connects Fifth Third Bank customers to The Clearing Houses’ Real-Time Payments system.
  • Kinetica appoints Paul Appleby as CEO.
  • Experian Receives Top Workplace Honor for Fifth Consecutive Year.
  • Technical.ly: Privakey locks down patent for ‘a password-free future.’

This post will be updated throughout the day as news and developments emerge. You can also follow all the alumni news headlines on the Finovate Twitter account.

Baker Hill Forges Partnerships with Allied Solutions, Experian

With a pair of newly-announced deals, Baker Hill continues to deliver what company President and CEO John M. Deignan called “the cutting-edge technology and comprehensive analytical intelligence our clients need to compete and win in today’s lending environment.”

Baker Hill has partnered with Allied Solutions, which will refer Baker Hill’s suite of loan origination, risk management and business intelligence solutions to its FI clients. The partnership will also give Allied Solution’s 4,000 clients access to Baker Hill NextGen, the company’s cloud-based, end-to-end loan origination, portfolio risk management and decision support system. “Baker Hill’s platform is designed to accommodate the growing needs of financial institutions, and their consumers, by providing critical business insight and streamlined service,” Allied Solutions CMO Dave Underdale said. “(This is) something that can only empower financial institutions as they continue to grow and evolve their businesses.”

The company has also teamed up with Experian to give its clients access to Experian’s business credit services. Deignan said the partnership would leverage both companies’ strengths with regards to “mitigat(ing) credit risk while enhancing profitability.” Experian Business Information Services President Hiq Lee highlighted FIs’ growing reliance on data and predictive analysis, praising the agreement as a way to “ensure their clients receive comprehensive, third-party-verified information on 99.9% of all U.S. companies.”

Baker Hill serves nearly 600 FIs, including 20% of the top 100 banks and top 25 credit unions. Founded in 1983 and headquartered in Carmel, Indiana, the company demoed Baker Hill NextGen at FinovateSpring 2017. In September, the company teamed up with BOLTS Technologies to offer a streamlined account opening solution for FIs. The same month, Baker Hill announced that Kentucky-based People’s Bank and Trust would use its NextGen Statement Spreading to enhance its underwriting process.

Finovate Alumni News

On Finovate.com

  • Bill.com Discloses September Investment Round, Doubles Total Funding.
  • SocietyOne Tops $350 Million in Loans.
  • Baker Hill Forges Partnerships with Allied Solutions, Experian.
  • Safe Spaces: The Best of the Authenticators, Verifiers, and Fraud Fighters.

Around the web

  • Fenergo announces partnership with four of Australia’s top five banks.
  • ACI Worldwide launches UP Real-Time Payments Solution.
  • Credit Agricole and TransferGo join Ripple’s blockchain network, boosting membership to more than 100 institutions.
  • Thomson Reuters unveils Fixed Income Callouts, a trading app for African bond markets.
  • Ondot Systems to provide two-way fraud alerts for debit cards processed by payments provider, Elan Financial.
  • Pendo Systems adds 25-year banking veteran Bill Woodley as a non-executive director.
  • Megabuyte initiates coverage of Xceptor with “superior” rating.
  • nCino enhances Treasury Management Sales and Onboarding Solution for greater flexibility, configurability and speed.
  • NuData picks up leader award from Javelin Strategy and Research.

This post will be updated throughout the day as news and developments emerge. You can also follow all the alumni news headlines on the Finovate Twitter account.

FinovateFall Sneak Peek: Experian

Experian is bringing the real time economy to the credit industry with Text for Credit, an innovative, convenient, and confidential way to apply for credit.

Features

  • Consumers can initiate and complete the credit application process in minutes with a text message.
  • No more paperwork or anxious minutes hoping for credit approval
  • Real-time access to credit

Why it’s a must-see
Experian’s Text for Credit modernizes the lending industry by allowing consumers to obtain “real time” credit via text.

Presenters

Alex Lintner, President, Experian Consumer Information Services
Lintner is responsible for overseeing Experian’s U.S. consumer credit bureau and building a stronger connection to consumer data and direct-to-consumer initiatives focusing on empowering the consumer.

 

Brittanee Moss, Senior Product Manager, Experian Consumer Information Services
Since joining Experian in 2013, Moss has worked in both the direct-to-consumer and business-to-business parts of the business. Moss manages products within the company’s prospecting suite.

Finovate Alumni News

On Finovate.com

  • Responsive Tiles from Geezeo Help Banks Build Personalized Digital Experiences.
  • Accenture Acquires Verax to Boost Canadian Operations.
  • Urban FT Bids to Acquire Digiliti Money [UPDATE: Bid Rejected]

Around the web

  • Let’s Talk Payments interviews David Vélez, founder of Nubank.
  • Visa to encourage Australian banks to embrace biometric authentication in new security roadmap.
  • InComm buys distribution rights to American Express’ prepaid reloadable and gift card business in the U.S.
  • Flywire Simplifies Compliance with New Cross-Border Education Payment Requirements in Ireland.

This post will be updated throughout the day as news and developments emerge. You can also follow all the alumni news headlines on the Finovate Twitter account.

Finovate Alumni News

On Finovate.com

  • Microblink’s Photopay Expands to New European Markets.

Around the web

  • Daon and Experian talk about fighting fraud with biometric technology on CNBC’s Squawk Box.
  • Let’s Talk Payments interviews Yodlee’s Terry McKeown on managing credit risk.
  • Banking Exchange profiles alternative lender, PayActiv.
  • The Silicon Review features Vantiv Head of Product for Integrated Payments, Moin Moinuddin.
  • FintekNews sits down with Unison Co-CEOs Thomas Sponholtz and Jim Riccitelli to discuss shared real estate investing.
  • Tesobe organizes cross-industry payments hackathon in Australia – Aug 11 thru 13th.
  • CRN names Veridium on its list of 2017 Emerging Vendors.
  • Total and Worldline Partner with Africa-based InTouch to help deploy Guichet Unique, a digital solution for retail networks.

This post will be updated throughout the day as news and developments emerge. You can also follow all the alumni news headlines on the Finovate Twitter account.

Finovate Alumni News

On Finovate.com

  • Bitbond Gains $5.4 Million Debt Commitment and Undisclosed Equity Investment.
  • PayU Investment in Kreditech Marks Largest Funding for a German Fintech.

On FinDEVr.com

  • FinDEVr Alum Symbiont Scores Funding from China’s Hundsun Technologies.
  • Check out our latest FinDEVr APIntelligence.

Around the web

  • CSI globalVCard to integrate Visa Payables Automation into its paysystem Payables platform.
  • Kontomatik earns top 50 spot in the 2017 Dutch FinTech Awards. Join Kontomatik for FinDEVr London in June.
  • Australia-based forex broker Pepperstone to deploy Paydentity verification services from iSignthis.
  • Daon to integrate IdentityX platform with Experian’s fraud and identity platform, CrossCore.
  • ACI Worldwide’s point-to-point encryption solution earns PCI P2PE compliance validation.
  • Delaware’s Dover FCU to deploy core in-house processing technology from Jack Henry’s Symitar division.

This post will be updated throughout the day as news and developments emerge. You can also follow all the alumni news headlines on the Finovate Twitter account.