ClearScore swoops for Argos and Asda partner Aro Finance
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ClearScore, the credit information provider which came close to being swallowed up by FTSE-100 giant Experian seven years ago, is reaffirming its independent growth prospects with the purchase of a smaller UK fintech. Sky News understands that ClearScore will announce on Tuesday that it has bought Aro Finance, a Manchester-based credit marketplace which counts Argos and Asda among its partners.
People close to the deal said it would add a fresh revenue stream to ClearScore's business, which already serves nearly 24 million users globally. The Aro Finance deal represents ClearScore's second acquisition, following its 2022 purchase of Money Dashboard.
Money latest: Average price of a shop at eight supermarkets ranked. The terms of the transaction, which is subject to approval by the City watchdog, were unclear on Monday, and ClearScore declined to disclose them. Aro's technology embeds its credit marketplace proposition within partners' digital infrastructure.
Argos closes all stores in Ireland, with nearly 600 jobs lost. Argos catalogue: After 48 years and 1bn copies, time's up for the 'laminated book of dreams'. Argos drivers' strike threatens 'mayhem' days before Christmas. Other users of Aro's products include Very Group, the online retailer which forms part of the Barclay family's shrinking business empire.
Follow our channel and never miss an update. ClearScore - which is touted as a potential medium-term flotation candidate by bankers - launched a credit repayment service called Clearer last summer, which automatically repays credit card debts and other loans from consumers' available funds.
