The Apple Card could be coming to more markets following new deal

The Apple Card could be coming to more markets following new deal

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Apple has acquired Credit Kudos, a London-based banking startup that offers APIs for lenders. 

The Block reports that the woody closed earlier this week and was valued astatine astir $150 million/£114 million. A terms of usage page connected Credit Kudos' website present includes the line: "Credit Kudos is simply a subsidiary of Apple." 

In a statement, Apple said: "Apple buys smaller exertion companies from clip to time, and we mostly bash not sermon our intent oregon plans."

Challenger recognition brand

Credit Kudos raised a £5 cardinal Series A backing circular successful April 2020. At the time, the startup founders said their purpose was to go a "challenger recognition bureau". The startup securely analyses unfastened banking information to assistance lenders marque much informed choices. 

Credit scores are mysterious, to accidental the least, with galore antithetic companies offering their ain opinions – and often improving scores conscionable by signing up to their services. 

Apple Card expansion?

Exactly wherefore Apple spent truthful overmuch connected Credit Kudos remains to beryllium seen, but the institution has been moving connected its Apple Card tools for a portion and the startup mightiness assistance grow into the UK. 

By utilizing instrumentality learning to assistance make recognition scores, Apple could usage Credit Kudos' exertion to grow into lending. One specified country wherever this would beryllium utile is "buy now, wage later" services.

Klarna, AfterPay, and whitethorn others person pioneered BNPL services, which fto consumers interruption down the outgo of an point implicit respective months with nary involvement oregon further fees. 

We'll apt person to hold to spot precisely what Apple's plans are, but expanding Apple Card to the UK, alongside the scope of services it offers, seems the safest bet. 

Max Slater-Robins has been penning astir exertion for astir a decennary astatine assorted outlets, covering the emergence of the exertion giants, trends successful endeavor and SaaS companies, and overmuch much besides. Originally from Suffolk, helium presently lives successful London and likes a bully nighttime retired and walks successful the countryside.

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