Credit Karma has completed its takeover of Noddle, ramps up hiring

By Oliver Smith on 15th April 2019

Fintech

The news comes after ClearScore’s £275m sale to Experian fell apart in February.

Credit Karma has completed its takeover of Noddle, ramps up hiring
Image source: Credit Karma/Nichole Mustard

American finance giant Credit Karma has officially completed its acquisition of credit scoring upstart Noddle, and is embarking on a hiring spree in London and Leeds.

Karma also announced that the Noddle brand will be replaced by Credit Karma in the coming weeks as the company also starts pulling down Noddle’s paywalls to better mirror its US offering.

Karma’s cofounder Nichole Mustard has also relocated to the UK in order to oversee the expanding operations.

“Now that the deal has closed, we can get to the real work of championing financial progress for our members in the UK,” said Mustard.

“To do this, we’re investing heavily in our in-market offering and scaling up significantly. We’re looking to triple the team in the UK and open new offices in Leeds and London.”

The news comes just months after ClearScore, the UK’s largest credit scoring app, had its takeover by its £17bn rival Experian dashed by the regulator.

“I think this was a case of the regulator shooting itself in the foot,” Dan Cobley, ClearScore’s cofounder, told audiences at the sixth annual AltFi London Summit in March.

He added: “If the regulator chokes off an exit route for owners, then it also chokes off appetite to start a business in the first place.”

With Credit Karma, valued at $4bn during its last funding round, now operating in the UK, competition in the credit scoring space looks set to soar.

Comments

AltFi Berlin Summit 2019

AltFi is coming to Berlin this Winter for our first annual Summit in the City.

18th November 2019