Apple Acquires UK Open Banking Startup Credit Kudos

US tech giant, Apple has acquired a UK open banking startup, Credit Kudos that helps lenders make better decisions.

According to reports, the deal closed earlier this week.

One source said it values the startup at about $150 million, a significant uplift in valuation.

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

It is not yet clear what Apple has planned for Credit Kudos.

The Silicon Valley-based company currently offers financial products primarily through its mobile wallet Apple Pay, and in the form of a credit card that it began rolling out in August 2019.

According to the UK's open banking framework, the startup offers insights and scores on loan applicants drawn from bank data. 

Its API can offer lenders faster decision-making, less risk, and increased acceptance rates.

It may also be used to guide Apple's decision-making process when choosing whether to let customers pay for products over a number of installments.