Apple has purchased UK-based open banking startup Credit Kudos for a fee that is currently undisclosed.
According to The Block, the deal closed earlier this week, with the US tech giant valuing Credit Kudos at around $150m, a substantial uplift in valuation for the organisation.
Founded in 2015, Credit Kudos is an open banking credit reference agency that helps credit providers make better decisions using better data. Built on top of open banking data, the firm’s suite of products enable commercial and consumer lenders to automate decisioning, responsibly increase acceptances and reduce risk.
The Block noted that it was not currently clear what Apple has planned for Credit Kudos post-acquisition.
Back in April 2020 – at the height of the Covid-19 pandemic – the firm raised £5m in a seed funding round. This round was led by AlbionVC and saw participation from companies such as Plug and Play Ventures and TriplePoint Capital.
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