The deal could be a precursor to Apple Card’s arrival in Europe.
Credit Kudos, an open banking and credit reference startup, has been bought by Apple. The company is a subsidiary of Apple, according to a terms of use page on Credit Kudos’ website, which was changed on March 21st, and its policy link now goes to Apple’s website.
The deal closed earlier this week, according to The Block, and Credit Kudos was valued at $150 million.
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Credit Kudos is a credit check company that claims to give a more comprehensive view of a person’s financial health and creditworthiness than other methods. Its API analyzes bank account data using the UK’s open banking infrastructure. Its goal is to assist financial institutions in making faster and better judgments when customers seek loans or other financial services.
The deal could pave the way for Apple Card to arrive on the other side of the Atlantic. Apple’s credit card has been available in the US since August 2019. The API could help the company determine whether to approve a UK resident’s application for an Apple Card. It may also be used to guide Apple’s decision-making process when choosing whether to let customers pay for products over a number of instalments.
