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    Home » Private equity backed credit marketplace Aro Finance acquired
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    Private equity backed credit marketplace Aro Finance acquired

    userBy userJanuary 7, 2025No Comments3 Mins Read
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    Aro Finance, the Manchester-based credit marketplace until recently known as Freedom Finance, has been acquired by ClearScore.

    Aro’s technology embeds its credit marketplace proposition within partners’ digital infrastructure and it counts Very Group, Argos and Asda among its customers, 

    ClearScore CEO Justin Basini said: “This acquisition allows us to continue our growth by expanding into two complementary areas as a credit broker, namely embedded finance and secured second charge lending.” 

    He added “We see a significant growth opportunity in second charge mortgages, and this will be a critical part of our debt consolidation proposition and business growth going forward. The addition of Aro’s marketplace capabilities to the group perfectly aligns with our existing data-driven approach and will allow us to reach new users through retail channels.”

    Aro Finance employs roughly 90 people at Dakota House in Wythenshawe and is owned by American private equity investor Pollen Street Capital.

    In its last set of accounts to the year ending April 2024 it made a pre-tax loss of £1m on turnover of £20.4m.

    It describes itself as UK’s go-to embedded finance partner, largest consumer lending marketplace and one of the nation’s leading second-charge mortgage brokers. The fintech’s data-driven platform delivers personal credit solutions 24-7.

    Its chief executive Emma Steeley joined in July 2022 from Equifax, where she spent nearly four years as CEO of AccountScore and has spent over 16 years working in senior roles in the consumer finance and fintech sector.

    She said: “This acquisition marks a pivotal moment in Aro’s journey. By joining ClearScore we become part of one of the most innovative global organisations in fintech. It is an exciting new chapter for the business, ensuring that together we continue to grow and deliver exceptional value for our partners, lenders and customers.

    “With the clear business synergies and strategic data-led approach, I am confident that we will continue to engage with and serve many more customers with the strong breadth and depth of our combined product offerings.

    “I am immensely proud of what we have achieved at Aro, and I am looking forward to what the future holds under ClearScore’s stewardship.”

    On rebranding the business, David Dawson, Partner at Pollen Street Capital said “the evolution of Freedom Finance into Aro is a testament to our collective dedication to progression and innovation in the financial sector.”

    Acquiring business ClearScore is backed by funds including QED, Invus Opps and Lead Edge Capital, and itself was on the brink of being bought by Experian for £275m in 2018.

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