Apple acquires Credit Kudos

Wednesday 23 March 2022 14:05 CET | News

Credit Kudos, a UK Open Banking startup that helps lenders make better decisions, has been acquired by US tech player Apple.

The deal closed earlier this week brought the value of the startup to about USD 150 million, an uplift in valuation. Credit Kudos last raised money at the height of the Covid-19 pandemic in April 2020, bagging GBP 5 million (roughly USD 6.5 million) in a round led by AlbionVC. TriplePoint Capital, Plug and Play Ventures, Ascension Ventures’ Fair by Design fund, Entrepreneur First, and several angel backers also invested.

The startup offers insights and scores on loan applicants drawn from bank data — specifically transaction and loan outcome data — sourced via the UK’s Open Banking framework. Its API can offer lenders faster decision-making, less risk, and increased acceptance rates, according to its website.

It is not yet clear what Apple has planned for Credit Kudos. The Silicon Valley-based company currently offers financial products primarily through its mobile wallet Apple Pay, and in the form of a credit card that it began rolling out in August 2019.

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Keywords: acquisition, Apple, Open Banking, data sharing, API
Categories: Banking & Fintech
Countries: World
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Banking & Fintech

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