Apple Acquires UK Financial Startup

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Apple Acquires UK Financial Startup

Apple has struck a deal to acquire Credit Kudos, a UK-based financial sector startup, as revealed on The Block’s website on Wednesday (23). The recently signed purchase agreement is said to be valued at approximately US$150 million, equivalent to R$735 million on the current offer.

According to the publication, the British company is already presented on its official page as a “subsidiary of” Apple”. The company is active in the provision of credit checking services and provides information to help its clients make the best decisions regarding financial services.

It uses the UK’s open banking platform to verify banking details of transactions and loan applications. In this way, its technology provides creditors with a system that makes it possible to make faster and more automated decisions about the creditworthiness of a particular consumer.

It is not yet known what the plans are for Apple related to the financial start-up. As MacRumors recalls, in recent years the Cupertino giant has acquired several smaller companies incorporated into its ecosystem, such as music recognition service Shazam.

Apple Card in the UK?

One of the options for this agreement is the launch of the Apple Card in the UK, using the mechanisms offered by the startup to make decisions about future card customers in the local market. Currently, the flagship brand of credit is only available in the United States.

Launched in 2019, the Apple credit card works integrated with the iPhone, has no annual fee and has a daily cashback program. It can be used in physical and digital versions, issued by the Goldman Sachs bank.

Nor is there any possibility that Credit Kudos’ technology will be adapted for use in the US market.

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