Apple Purchased UK-Based Fintech Start-up ‘Credit Kudos’

The company ‘Apple’ has now acquired Credit Kudos, a start-up company based in the United Kingdom as per the people that are familiar with the matter. This deal has been finalized in past week that has been preferring to remain anonymous in the process of disussing the commercially sensitive information, and this deal has been valuing Credit Kudos at around 150 million dollars.

A spokesperson for Apple said that, the technology giant of the United States has been buying smaller technology companies from time to time and they generally does not discussing their purpose or the plans, and the company ‘Credit Kudos’ had not been immediately available for making any comment.

Based in the region of London, the company ‘Credit Kudos’ has been developing the software that is using the banking data of the uses of consumers for the purpose of making more informed credit checks on the loan applications, and it has been a challenger to the big credit reporting agencies, that is including Experian, TransUnion and Equifax.

This deal can possibly have serious implications for some of the clients of Credit Kudos that is including the fintech firms including Fronted and Curve based in London. The company ‘Credit Kudos’ has been operating in a nascent space in the world of the fintech industry called as open banking, where the third party companies have been securely linking to the bank accounts of the people for the purpose of extracting the information and making payments on their behalf.