Apple has scooped up Credit Kudos, a UK open banking startup, for apparently US$150 million, reports The Block.
Here’s how the startup’s website describes the company: Credit Kudos’ intelligent products enable businesses to leverage Open Banking to enhance affordability and risk assessments. Our predictive insights are built by combining transaction and loan outcome data.
Our products help lenders streamline underwriting, improve accuracy in decision-making, and support customers after acquisition through our engagement tools.
The Block says it’s not yet clear what Apple has planned for Credit Kudos. The tech giant currently offers financial products primarily through its mobile wallet Apple Pay, and in the form of a credit card: the Apple Card.