ClearScore, a UK-based fintech company that provides free credit scores to over 24 million customers globally, has announced plans to pursue an IPO on the London Stock Exchange.
With annual revenue exceeding £100 million and a projected valuation of up to £1.2 billion, this highly anticipated listing could inject new life into London’s struggling IPO market, potentially boosting investor confidence and attracting more companies to the exchange.
The question is now: Will this revive London’s struggling IPO market?
The first to provide free access to consumer’s credit scores and reports
ClearScore was founded in July 2015 by Justin Basini, Nigel Morris, and Dan Cobley. The founders set out to democratise access to credit information by providing free credit scores and reports, filling a gap in the UK market where such services typically carried high costs.
Since its inception, ClearScore has become a leader in personal finance technology. As the first UK company to offer consumers free access to credit scores and reports, ClearScore has built a substantial user base of over 24 million customers across the United Kingdom, Australia, New Zealand, South Africa, and Canada.
Before ClearScore, UK consumers faced expensive subscriptions to access their credit scores and reports, which limited their financial literacy and decision-making. By offering these services for free, ClearScore made financial information more accessible and helped users make informed choices.
Rather than charging users for credit information, ClearScore’s business model relies on commissions from recommended financial products. This approach has proven successful, with revenue now exceeding £100 million. Unlike many fintech startups, ClearScore has achieved profitability while operating at scale.
As of 2024, ClearScore employs approximately 450 people and partners with over 150 financial institutions worldwide. These partnerships power its marketplace business, offering credit cards, loans, and car finance options tailored to consumers’ credit profiles.
Funding rounds, valuation growth, and financial development
Significant funding milestones have marked ClearScore’s path to a potential IPO. In 2018, credit reporting giant Experian planned to acquire ClearScore for £275 million — what would have been one of the largest UK tech exits in years, roughly five times the average UK tech exit since 2010. However, this acquisition was later abandoned.
In June 2021, ClearScore secured a $200 million investment from Invus Opportunities, valuing the company at $700 million. This investment, described as putting ClearScore “on path to unicorn valuation,” was structured as a mix of primary and secondary investment. Existing investors, QED Investors, Blenheim Chalcot, and Lead Edge Capital, retained most of their positions.
ClearScore raised an additional $4.37 million in early 2025. The company recently secured a £30 million growth capital facility with HSBC Innovation Banking for future expansion, possibly related to pre-IPO initiatives. Analysts suggest this funding might support AI-driven personalisation features or expansion into Asia-Pacific markets, where demand for credit score services is growing rapidly.
ClearScore’s IPO: £1.2 billion in 24 months?
However, the company’s IPO journey is not without potential challenges. Regulatory changes, market volatility, and competition from other fintech companies could all impact the success of ClearScore’s IPO. ClearScore CEO Justin Basini has openly discussed the company’s IPO plans.
In February 2025, he stated that ClearScore is “starting to think about listing”. He suggested that within 12-24 months, the company could attract UK institutional investors, a key factor for a successful public listing. Basini has strongly preferred a London listing, stating: “It’s very important that British companies consider first listing in the UK.” This aligns with broader efforts to reinvigorate London’s IPO scene.
The IPO timeline targets 2025-2026, though Basini emphasises the company will wait for the appropriate scale rather than rush to market. He views the potential IPO not as an exit but as “the start of the next chapter of ClearScore… opening another door, walking through it, and stepping into a new room.”
Market analysts project a potential IPO valuation between £1 billion and £1.2 billion, based on current revenue multiples for profitable fintech companies. This estimate stems from ClearScore’s annual revenue exceeding £100 million. According to recent fintech valuation data, revenue multiples for profitable fintech companies in the £10-30M+ revenue range range from 6x to 7.4x, depending on the sector. Analysts likely applied a premium to these base multiples, considering ClearScore’s profitability, market position, and growth potential.
This valuation aligns with ClearScore’s last known valuation of $700 million (approximately £540 million) in 2021, accounting for subsequent growth. A successful listing at this level would represent one of London’s most significant recent tech IPOs, particularly given the market’s recent slowdown to just 18 listings across London’s main and alternative markets last year.
Can ClearScore be a catalyst for other UK fintechs to consider public offerings?
ClearScore’s potential listing comes at a crucial time for London’s IPO market, which has declined significantly since its peak in 2021 and that year featured notable listings, including Deliveroo (£1.5 billion raised at £4.9 billion valuation) and Oxford Nanopore (£4.8 billion valuation). Since then, only Ithaca Energy has been listed with a valuation exceeding £550 million, and its shares have fallen 43% since its November 2022 debut. This parallels a broader exodus of companies from London’s stock market.
Investors await official IPO announcements as ClearScore grows globally and strengthens its position. A successful listing could catalyse other UK fintechs to consider public offerings, including Monzo (valued at approximately £4.5 billion), Starling Bank (recently profitable), and Zopa (which secured £75 million in late-stage funding in 2024).
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