Apple is acquiring the UK-based fintech startup Credit Kudos for an undisclosed amount.
Neither Credit Kudos nor Apple will confirm the deal, which was first reported by the crypto-focused publication The Block, citing three sources close to the deal. The privacy policy link on the Credit Kudos website redirects to Apple’s privacy policy.
Credit Kudos is a challenger credit bureau founded in 2015 by Freddy Kelly and Matt Schofield after Kelly struggled to get credit upon returning to the UK after working overseas in the US.
It uses machine learning and real-time data to build up a fuller picture of a person’s credit score, rather than traditional agencies, like Experian, Equifax and TransUnion, which typically rely on older information to build up a profile, such as bank statements and utility statements.
It is unclear at this stage what Apple plans to do with Credit Kudos, but it has invested significantly in its fintech capabilities over recent years, in particular its mobile Apple Pay wallet, and its Apple Card credit card, which is currently only available in the US and was built in partnership with Goldman Sachs.
