Apple Acquires UK Banking Startup Credit score Kudos, May Probably Deliver Apple Card to the UK

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In a deal that reportedly closed earlier this week, Apple has acquired a UK open banking startup, Credit score Kudos. The startup goals to assist lenders make higher choices on whom to offer loans by offering them with essential particulars about mortgage candidates primarily based on info acquired from their transactions and mortgage knowledge. Credit score Kudos obtains this knowledge utilizing the UK’s open banking framework.

The UK startup was launched in 2015 by Freddy Kelly and Matt Schofield. Credit score Kudos began elevating funds in April 2020 and managed to safe $6.5 million in funding. On the time of acquisition, its worth was estimated to be round $150 million. Whereas not one of the firms have confirmed the acquisition, the phrases of use web page on Credit score Kudos’ web site confirms that it’s now a subsidiary of Apple. Moreover, the privateness coverage hyperlink redirects to Apple’s web site.

There’s no readability on what Apple desires to do with its Credit score Kudos acquisition, although it might be hinting at an imminent worldwide growth of Apple Card. Apple Card was launched in August 2019 and has remained unique to iPhone house owners in the US. The Cupertino firm may leverage its Credit score Kudos acquisition to convey Apple Card to the UK.

Apple tends to accumulate startups often, although it by no means confirms such offers. Over the previous few years, some notable acquisitions from the corporate embody Shazam, Darkish Sky, Workflow, and extra.

[Via The Block]



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