ClearScore announces open banking integration with Zopa

By Megha Bhattacharya

UK-based free credit score and credit marketplace ClearScore has opened its first Open Banking integration with neobank Zopa. By combining data held by ClearScore and Zopa’s real-time Open Banking capabilities, users can find out immediately if they will be pre-approved for a Zopa credit card with a guaranteed personalised APR, providing certainty without marking their credit file.

With access to real-time, relevant financial information via Open Banking technology, ClearScore users who may have previously been declined for credit products can now gain access to a Zopa pre-approved credit card as a decision has been made using a wider view of their individual finances and creditworthiness.

Andy Sleigh COO of ClearScore, commented, “Throughout the pandemic, we have seen a dramatic drop in access to credit with lenders hesitant to offer credit to people at a time of financial uncertainty and turmoil. We are excited to be partnering with Zopa, who are able to highlight the tangible benefits of Open Banking technology, unlocking credit for those who previously wouldn’t have had access to this due to having a lower credit score or mark on their report.

Tim Waterman, CCO of Zopa, said, “At Zopa, we’ve used Open Banking technology since its inception to improve the customer experience, and now we’re using it to responsibly provide credit to people that previously may have been locked out of our products. We’re at a crucial point in time where Open Banking provides an opportunity to responsibly offer products to those that need them most and who are more than eligible for credit but are currently penalised due to the financial impact of the pandemic. Our credit card has been completely built around the consumer, with the end result being that through Zopa’s product customers are better placed to manage their finances moving forward.

“Zopa’s partnership with ClearScore has allowed us to be able to offer our card to their huge customer base via our Open Banking technology, which provides us with a more holistic view of consumers’ finances. We’re proud to be the first credit card provider to partner with ClearScore in this way, helping more people across the UK gain access to the credit they need and a Zopa product that will contribute to improving their financial wellbeing in the long term.”