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Apple acquires UK banking startup Credit Kudos

By Cookie Monster - on 24 Mar 2022, 12:00am

Apple acquires UK banking startup Credit Kudos

Image source: Apple

U.K open banking startup Credit Kudos has been acquired by Apple. 

According to The Block, three sources familiar with the matter claim the acquisition was completed earlier this week. One source added that Credit Kudos is valued at $150 million.

Credit Kudos leverages U.K's open banking framework to deliver insights and scores on loan applicants. Its API is stated to help lenders make decisions faster with less risks and increase acceptance rates.

Since U.K is one of Apple's most important markets, the acquisition could help Apple bring the Apple Card to consumers in the country. Apple CEO Tim Cook confirmed plans to roll out Apple Card internationally during an interview in 2019. Cook did not share a specific timeline as there are different rules and regulations across the world, and there is a need to find suitable partners.

Source: The Block via MacRumours

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