Apple buys UK-based open banking startup Credit Kudos

has acquired an open banking and credit reference company called Credit Kudos. A on Credit Kudos’ website, which was updated on March 21st, notes that the company is a subsidiary of Apple. A privacy policy link now redirects to Apple’s website.

Credit Kudos is essentially a credit check agency that claims to provide a more rounded picture of a person’s financial health and creditworthiness than other approaches. Its API taps into the to analyze bank account data. It aims to help banking providers make faster and better decisions when people are seeking loans or other financial services.

The deal could pave the way for to arrive on the other side of the Atlantic. Apple’s credit card has been available in the US since August 2019. The API could help the company determine whether to approve a UK resident’s application for an Apple Card.

According to the acquisition closed earlier this week. The deal reportedly valued Credit Kudos at $150 million.

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