Apple has bought the open banking firm Credit Kudos, which helps lenders make smarter judgments.
Several news outlets are reporting that Apple has purchased the UK-based banking firm Credit Kudos. Moving to the UK might open the door for Apple Card.
A compromise was reached early this week, according to three persons with knowledge of the situation on the ground. It is estimated that the company is now worth $150 million, according to one source. On the Credit Kudos website, a link entitled ‘Website Terms of Usage’ now goes to a page describing the terms of use of Apple. When reached for comment, neither Credit Kudos nor Apple responded in time for publication.
According to The Block,
US software giant Apple has purchased the open banking company in the UK called Credit Kudos, which aims to help banks make better choices.
It was completed this week, according to three persons who were involved in the transaction. According to one report, the business was valued at $150 million, which represents a huge increase in value. On the Credit Kudos website, a link entitled ‘Website Terms of Usage’ now goes to a page describing the terms of use of Apple. By press time, neither Apple nor Credit Kudos had provided a response.
Credit Kudos is a start-up that provides information about loan applicants gleaned from the open banking system in the United Kingdom. For example, Apple Card in the UK may open up if Apple used this technology to check credit scores and ratings for users in the country.
Neither Credit Kudos nor Apple have acknowledged the takeover, but the privacy policy link at the bottom of the company’s main page suddenly leads you to apple.com/privacy, a sure-fire evidence of the shift.
Until recently, Mastercard and Visa have been leading the consolidation of the card network industry. To acquire open banking provider Tink earlier last month, Visa shelled out €1.8 billion (approximately $2.15 billion at the time). Aiia, a Danish open banking start-up, was purchased by Mastercard in September.
Credit Kudos has yet to see any official action from Apple. Apple Pay, the company’s mobile wallet, and a credit card it started distributing in August 2019 are the company’s primary financial offerings.