Apple acquired the British Startup Credit Kudos, for about 150 million euros, according to a report on the deal that was closed earlier this week.
Credit Kudos 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 a report by The Block, Credit Kudos raised money for the last time at the height of the pandemic, in April 2020. Then it managed to raise 5 million pounds, that is 6.5 million dollars.
AlbionVC led the round, with TriplePoint Capital, Plug and Play Ventures, Ascension Ventures’ Fair by Design fund, Entrepreneur First and several angel investors also participating.
Credit Kudos was founded in 2015 by Freddy Kelly and Matt Schofield and is now counted as one of the major European open banking acquisitions of the past year. Still, it’s the first to be snapped up by a tech giant the size of Apple, but there’s no indication of what Apple is planning for Credit Kudos.