Apple buys credit-checking fintech Credit Kudos
Apple has acquired UK-based credit reference agency Credit Kudos in a deal which values the company at around $150m (£113.76m).
According to reporting by crypto-focused outlet The Block, the deal was finalised earlier this week.
An Apple spokesperson confirmed that it “buys smaller technology companies from time to time, and we generally do not discuss our purpose or plans.”
Credit Kudos uses open banking to help lenders make better decisions. Its software uses consumers’ banking data to make more informed credit checks on loan applications.
Read more: Credit Kudos adds open banking expert to legal team
It has partnered with a number of alternative lenders such as LendInvest, to enhance their credit checking capabilities.
Apple’s acquisition of the firm suggests that the tech giant could be eyeing a move into the UK financial services market with a view to offering consumer credit services in the future.
Apple already operates the Apple Pay mobile wallet, which allows users to make contactless payments with their smartphones either in person or online.
In 2019, Apple teamed up with Goldman Sachs to launch a credit card for US consumers. Some fintech experts have suggested that the Credit Kudos deal signals Apple’s intention to launch a similar product in the UK.
Credit Kudos declined to comment.
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