Apple Store logoSource: iMore

What you need to know

  • Apple appears to have acquired a UK banking startup.
  • A report says that Apple has closed a deal to buy Credit Kudos, valued at some $150 million.
  • The startup offers insights and scores on loan applicants.

Apple has reportedly acquired UK banking startup Credit Kudos, according to reports. The move could pave the way for Apple Card to the UK.

As reported by The Block:

Credit Kudos, a UK open banking startup that helps lenders make better decisions, has been acquired by US tech giant Apple.

The deal closed earlier this week, according to three people close to the deal. One source said it valued the startup at about $150 million, a significant uplift in valuation. A link labeled 'Website Terms of Use' on the Credit Kudos website currently leads to a page outlining Apple's terms of use. Both Credit Kudos and Apple were contacted for comment but did not respond by press time.

Credit Kudos is a startup that offers insight and scores on loan applicants sourced from the UK's open banking framework. The acquisition could open the door to Apple Card in the UK, if the company was to leverage the technology as part of Apple Card in order to assess credit scores and ratings for customers.

The acquisition has not been confirmed by either Credit Kudos or Apple, however, the company's privacy policy link at the bottom of its home page now takes you to apple.com/privacy, a sure-fire indicator of the change.