Apple has just acquired another new firm. This time, the iPhone maker has bought Credit Kudos, which is a UK based open banking startup. In other words, we might soon be looking at the international launch of the company’s Apple Card.
For those unaware, Credit Kudos aims on helping lenders make more informed decisions by offering insights and scores based on loan applications that are drawn from transactions and loan outcome banking data. Back in April 202, the startup began raising funds of around 6.5 billion US Dollars in investment. As of right now, the company is reportedly now valued at around 150 million US Dollars.
According to three people close to the matter (Via The Block), the acquisition deal with Apple was concluded earlier this week. At the moment, Credit Kudos’s Website Terms of Use link now redirects to Apple’s Terms of Use. It is currently unclear what the Cupertino based giant has planned for Credit Kudos, although, it is likely that it might use its technology to launch the Apple Card in the UK. The region is among the brand’s most important markets and with the Card being its main credit product. It has a huge potential in the market.
Apple only offers this product exclusively in the United States. But with the acquisition of Credit Kudos, the company will even gain access to the open banking sector of the UK. Additionally, the brand might also be able to modify Credit Kudos’ technology to work with the US’ growing open banking sector. This could even further bolster the Card’s credit checker. But this might just be an exclusive UK only plan as well.
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