Apple has reportedly acquired UK credit bureau Credit Kudos, which uses open banking technology to deliver finely-tuned credit scores. The acquisition would enable Apple to extend acceptance of its credit card to overlooked sectors of the population and could presage a move into the buy now, pay later market.
Credit Kudos offers insights and scores based on loan applications drawn from transaction and loan outcome banking data, sourced by the UK’s open banking framework. The company’s API offers lenders a way to get faster, automated decision-making about loans with reduced risk and higher rates of acceptance, according to its website.
The startup began raising funds in April 2020, obtaining $6.5 million in investment, and the company is reportedly now valued at around $150 million. Three people said to be close to the acquisition deal with Apple told The Block that it had concluded earlier this week.
Apple’s main credit product, Apple Card, is available exclusively in the United States, but Credit Kudos’s technology is based on the UK’s open banking framework. It is possible that Apple could modify Credit Kudos’s technology to work with the U.S.’s growing open banking sector to strengthen Apple Card’s credit checker, but Apple could also have UK-exclusive plans for the company.
Source: Link
Banking 4.0 – „how was the experience for you”
„So many people are coming here to Bucharest, people that I see and interact on linkedin and now I get the change to meet them in person. It was like being to the Football World Cup but this was the World Cup on linkedin in payments and open banking.”
Many more interesting quotes in the video below:
