Apple has acquired a British startup specializing in credit information and financial reputation. a purchase that could lay the groundwork for future international expansion of the Apple Cardstarting with the United Kingdom or all of Europe.
A very relevant technology for the Apple Card inside and outside the United States
Apple buys many companies throughout the year. Many of these purchases become known months later, but this one, due to the nature of the institution, quickly caught the eye. Credit Kudos is a UK startup that provides insights and scores based on loan applications drawn from bank transaction data and loan results, sourced from the UK Open Banking Framework.
The company is focused on an API that allows lenders to have data quickly and efficiently for automated decision-making this reduces the risk and increases the loan acceptance ratio. The startup is, according to the latest estimates, worth around $150 million, although we don’t know how much Apple acquired it for.
As reported in The Block, the acquisition was finalized during this week, as shown by the terms and conditions of the Credit Kudos website which lead us to those of Apple. We don’t know if Apple only plans to use the technology to anchor the Apple Card in the United States, but it’s consistent to think that a purchase like this could mark the beginning of the arrival of the Apple Card in Europeor at least in the UK.
With the recent purchase, it looks like we’ll have to wait a long time before we can see the fruits of it. Anyway, WWDC22 is relatively close and could be a good time to present news both in software related to the Apple Card and in new services or their extension.
Picture | melvin thambi
