Credit score specialist The ClearScore Group has acquired the Edinburgh-based online personal budgeting service Money Dashboard and is creating an open banking hub in the city.

It plans to hire more than 100 developers, data engineers, product and design professionals over the next few years.

ClearScore said that it has become one of the largest enablers of open banking in the UK after hitting a milestone of over 1.5m users. 

Money Dashboard was launched in 2010 with funding support from Calculus Capital, the Scottish Investment Bank and a crowdfund campaign, giving users the opportunity to have a stake in the business.

It was named the UK’s Best Personal Finance App 2017, 2018 and 2020 at The British Bank Awards. Its former CEO Steve Tigar stepped down as a non-executive director in February. Terms of the acquisition were not disclosed.

ClearScore Group chief executive and co-founder Justin Basini said: “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.”

ClearScore’s plans for Edinburgh have been welcomed by the Scottish Government.  Digital Finance was identified as an area of opportunity in the Scottish Government’s Inward Investment Plan published in 2020 and Scotland’s international trade and investment agency, Scottish Development International, has been promoting the country’s fintech strengths in target markets across the world. 

Scottish Finance and Economy Secretary 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.”

She added that it endorses “Scotland’s dynamic, vibrant fintech ecosystem, highly skilled talent pool, and access to world-class universities”.

Cameron Hume in liquidation

Fixed income specialist Cameron Hume has gone into liquidation, despite recently being awarded an ESG mandate worth up to A$500m, reports Citywire.

Founded in 2011, Edinburgh-based boutique Cameron Hume specialised in providing fixed-income investment management services to pension funds and insurers.

The business got in on the rise of ESG funds early, launching its flagship ESG bond fund in August 2018.