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Apple quietly acquires Credit Kudos for $150 million

Apple quietly acquires Credit Kudos for $150 million

Apple has reportedly acquired UK credit bureau Credit Kudos, which uses open banking technology to deliver finely-tuned credit scores.

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.

Reports quoting sources close to the takeover say the deal closed last week at a $150 million valuation. Credit Kudos last raised money in a £5 million funding round in April 2020 led by Albion VC.

A link labeled ‘Website Terms of Use’ on the Credit Kudos website currently leads to a page outlining Apple’s terms of use.

The acquisition would enable Apple to extend acceptance of its credit card into new territories beyond the US, including the UK, and could even presage a move into the buy now, pay later market.

Both Apple and Credit Kudos have yet to comment.

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