Consumer credit reporting information has long been the exclusive domain of the world’s major credit agencies. U.K.-based open banking fintech startup Credit Kudos has been a recent challenger to this monopoly, working to make loan application and credit check results more readily available to users.
The company’s work has attracted a great deal of attention in the digital payments world, and as of the end of March, that attention has generated real fiscal results. Although details are still forthcoming, according to sources close to the deal, Apple has acquired Credit Kudos for $150 million.
Apple has not yet chosen to divulge their plans for this latest acquisition. While this is the first purchase of an open banking startup by a major tech player, there has been a recent frenzy of activity for such companies that may explain Apple’s interest. Open banking has taken off across Europe due to a 2018 regulatory change that has spiked interest and investment in startups specializing in the third-party payment method. With Apple having bet a great deal on its own financial platforms like Apple Pay and the Apple Card, the benefits of having a credit checking tool like Credit Kudos on the company’s side are significant.