Mar 23, 2022
Apple buys UK fintech start-up Credit Kudos
Apple has acquired UK-based fintech start-up Credit Kudos, signalling a deeper push into payments technology by the iPhone maker. Credit Kudos uses machine learning to create an alternative to traditional credit scores, suggesting that US tech giant may look to expand its lending services. The acquisition of Credit Kudos could provide Apple with this functionality, said Simon Taylor, chief product officer and co-founder at fintech consultancy 11:FS. "Instead of forcing consumers to do a full credit pull just to buy a $50 jacket, why not quickly check their affordability and creditworthiness directly from their bank account?". Credit Kudos does not have a UK banking license, but takes advantage of the country's Open Banking standards, which are meant to make it easier and safer for consumers to share selected financial information from bank accounts and credit cards with hundreds of smaller service providers. The London-based fintech raised £5mn in 2020 in a funding round led by Albion VC. Aiming to make affordable credit more widely available and assist in faster lending decisions, the company looks at alternative measures to assess the credit risk of individuals for companies including rental apps, brokers and other fintechs.
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