Tech giant Apple snaps up UK open banking firm Credit Kudos
Tech giant Apple has acquired UK open banking start-up Credit Kudos. The deal reportedly values the start-up at $150 million.
Credit Kudos leverages machine learning to provide lenders an alternative to traditional credit scores, mining transaction and loan outcome data collected through the UK’s open banking framework.
The firm was launched in 2015 by Freddy Kelly and Matt Schofield. It held a £5 million funding round in April 2020 led by Albion VC.
Apple has slowly built out a financial services portfolio, launching the Apple Card in 2019 and making various overtures to introduce its own buy now, pay later (BNPL) services.
In February 2022, Apple announced plans to allow US merchants to use their iPhone to accept contactless payments.
The new ‘Tap to Pay’ feature will leverage near-field contact (NFC) technology to allow merchants to accept Apple Pay, contactless card payments and digital wallet payments on an iPhone, with no additional hardware needed.