Tech titan Apple has acquired British fintech startup Credit Kudos, according to a source who knew about the matter. Prior to this confirmation, reports about the acquisition have been flying around. According to this unnamed and anonymous source, the deal was completed earlier this week.
The first report of the acquisition came from The Block, a media outlet that focuses on cryptocurrencies. In its report, the block cited three sources who knew about the deal and said the acquisition was valued at $150 million.
When reached for comments, an Apple spokesperson said that the company “buys smaller technology companies from time to time, and we generally do not discuss our purpose or plans.” Credit Kudos, on the other hand, is yet to release a statement or issue a comment.
Credit Kudos is a London-based fintech startup that develops software that employs consumers’ banking data to make in-depth credit checks on applications for loans by people.
Credit Kudos serves clients like Fronted and Curve and it is still quite unknown how the acquisition would affect Credit Kudos’ existing clients.
Credit Kudos which operate in the emerging “open banking” space has been in talks to sell since January, according to sources who knew about the matter. “Open banking’ refers to a system where third-party firms securely connect people’s bank accounts to acquire information and/or make payments on their behalf as far as there is an existing approval from the users to do so.
Per Crunchbase data, Credit Kudos, which last received venture capital funding in early 2020, has raised a total of £7.8 million to date. The firm reported losses of £4.5 million ($5.9 million) in its 2020 financial year, double the £2.2 million it lost in 2019, according to a Companies House filing.
Apple’s intentions for Credit Kudos are still quite a mystery. The company has in the past, however, made an entrance into the financial world via its Apple Pay mobile wallet and its Apple card which it launched in the US in partnership with Goldman Sachs.