Apple acquires Credit Kudos

Apple has reportedly acquired UK credit bureau Credit Kudos, which uses open banking technology to deliver finely-tuned credit scores. It is said that the deal closed last week at a $150 million valuation.

The acquisition would enable Apple to extend acceptance of its credit card into new territories beyond the US, including the UK, and could even denote a move into the buy now, pay later market. A link labeled ‘Website Terms of Use’ on the Credit Kudos website currently leads to a page outlining Apple’s terms of use.

According to the Credit Kudos site, the company’s technology can “enable businesses to leverage Open Banking to enhance affordability and risk assessments.

Credit Kudos uses open banking data to measure financial behaviour and replace traditional, narrow methods of credit assessment, enabling lenders to provide credit to borrowers who would have previously been declined or overlooked.

The startup 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.