Apple has acquired UK fintech start-up Credit Kudos, CNBC reports citing “a person familiar with the matter.” Credit Kudos develops software that uses consumers’ banking data to make more informed credit checks on loan applications.
On its website, Credit Kudos states: “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 deal was finalized earlier this week, the person said, preferring to remain anonymous discussing commercially sensitive information.
The news was first reported by crypto-focused media outlet The Block, citing three sources familiar with the matter. The deal values Credit Kudos at around $150 million, The Block reported.
A spokesperson for Apple said the U.S. tech giant “buys smaller technology companies from time to time, and we generally do not discuss our purpose or plans.”
Based in London, Credit Kudos develops software that uses consumers’ banking data to make more informed credit checks on loan applications. It is a challenger to the big credit reporting agencies, which include Equifax, Experian and TransUnion.
MacDailyNews Take: It looks like Apple is continuing to bolster and advance Apple Pay and Apple Card.
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Yet one more step towards the endgoal of social credit score…
Don’t know about Kudos specifically, but………Anything to take the entrenched anti-consumer credit rating agencies down a notch would be good. These companies make it hard for anyone to correct errors. They drive up the cost of credit and take no responsibility for their repeated security breaches.