Apple regularly buys many smaller startups, and at first glance its latest acquisition seems a bit out of the ordinary. As The Block reports, Apple has bought an open banking startup called Credit Kudos. The startup provides clients with scores about consumers’ financial health.
Three people familiar with the deal said it closed earlier this week and it valued the company at around $150 million. It seems to have been a stealth deal, at least so far, as neither Apple nor Credit Kudos has made a public announcement about it. That in itself is not too unusual, as Apple seldomly announces its smaller acquisitions.
However, the deal makes more sense when Credit Kudos is taken into account. Apple actually is a financial services company now, thanks to the introduction of the Apple Card in 2019. The Apple Card is currently available in the United States, but given Credit Kudos location in the UK, servicing European customers, this acquisition could be a sign that Apple may be bringing the Apple Card to new territories outside of America in the not too distant future.
Recognize your brand’s excellence by applying to this year’s Brands That Matter Awards before the early-rate deadline, May 3.
