Capital gains as credit scoring firm ClearScore Group unveils Edinburgh jobs boost

Credit score specialist The ClearScore Group has announced major investment in Edinburgh, creating 100-plus jobs and a key new hub, as well as snapping up fintech Money Dashboard that is based in the city.

The group – which owns ClearScore, which it says it is the UK’s leading credit marketplace – has revealed that it is building an Open Banking centre of excellence in Edinburgh and will over the next few years create the 100-plus jobs, including developers, data engineers, data scientists and product and design professionals.

It added that this follows it becoming one the largest enablers of Open Banking in the UK in just six months. It is partnering with more than ten lenders to allow users, with their permission, to share their bank account data with them to get better rates on credit cards and loans.

The group has also revealed its purchase of budgeting and business-to-business data firm Money Dashboard, saying the deal, which completed earlier this year, marks an important step as it “continues to execute on its growth strategy in its existing markets, driving further international expansion and product diversification”.

It also said it provides a foothold into the “exciting and rapidly growing” alternative data space, and helps it innovate and broaden its services.

The ClearScore Group chief executive and co-founder Justin Basini said: “The tremendous growth we have seen in consumers securely sharing their banking data to simplify their personal finances shows clearly that Open Banking is moving to the mainstream.

“Money Dashboard enhances ClearScore’s offer to customers and users, and we are delighted that Edinburgh is to be the location for ClearScore’s second UK technology hub. Scotland has a rich history of establishing and growing leading technology businesses, and we are privileged to now have access to a large, highly skilled talent pool, enabling us to continue to drive ClearScore forward to the benefit of our 16 million global users.”

The ClearScore Group says Edinburgh has been selected for its 'excellent talent base and world-class universities'. Picture: Ian Georgeson Photography.

Scottish Finance and Economy Secretary Kate Forbes said: “The Scottish Government welcomes the expansion of the ClearScore Group into Edinburgh, this move will bring a significant number of secure, high-value jobs to the city and further strengthen Scotland’s position as a leading hub for digital financial services.”

She added that it endorses “Scotland’s dynamic, vibrant fintech ecosystem, highly skilled talent pool, and access to world-class universities”.