The ClearScore Group has unveiled a significant investment in Edinburgh to build an "open banking centre of excellence".
The group plans to employ over 100 people in Edinburgh, including developers, data engineers, data scientists and product and design professionals.
Edinburgh has been selected given its excellent talent base and world-class universities.
The credit marketplace company said there has been significant growth in open banking with "consumers securely sharing their banking data to simplify their personal finances".
As part of this expansion, the ClearScore Group is announcing the acquisition of Money Dashboard, the personal financial management and B2B data business, which completed earlier this year.
This acquisition is described as an important step as the group continues grow in its existing markets, driving further international expansion and product diversification.
Justin Basini, chief executive and co-founder of the ClearScore Group, said: “Open Banking has the potential to transform the credit industry and give people the opportunity to actively take control of their financial wellbeing.
"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.”
Scottish Government Cabinet Secretary for Finance & Economy 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.
“ClearScore’s decision to invest highlights the appeal of Scotland’s dynamic, vibrant Fintech ecosystem, highly skilled talent pool, and access to world-class universities.
“We look forward to supporting ClearScore’s ambitions in Scotland as the company scales up its offering to a growing user base.”
The ClearScore Group said it has hit a milestone of over 1.5m users having enabled Open Banking functionality through its platform which it said "puts ClearScore as one of the largest enablers of Open Banking in the UK in just six months".
ClearScore is hosting a recruitment event in Edinburgh on Thursday 26 May at the Kimpton Charlotte Square Hotel.
Smart meter installations increase amid energy crisis
A SCOTTISH company that installs smart meters on behalf of energy firms has increased revenue and highlighted a strengthened run-rate with further improvement ahead.
Smart Metering Systems said its Index Linked Annualised Recurring Revenue (ILARR) grew to £91.4 million at April 30, against £85.9m at December 31.
Andy Murray secures Waitrose listing for biscuits
A SCOTTISH biscuit company that has won investment from Dragons’ Den stars Deborah Meaden and Peter Jones has secured a listing deal with Waitrose.
The Drinks Bakery, which was founded by food lover and entrepreneur Andy Murray in 2016, will see its range of premium savoury snacks appear on shelf at the deli counters in 230 stores of the upmarket grocer across the UK.
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