Apple acquires Credit Kudos, the Apple Card is also coming to Europe?

Apple acquired Credit Kudosa UK open banking startup that aims to help lenders make better decisions.

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Credit Kudos offers insights and scores based on loan applications drawn from bank transaction data and loan results, sourced from the UK’s open banking framework. The company’s API offers lending banks a way to make faster, more automated lending decisions with reduced risk and higher acceptance rates.

The startup started raising funds in April 2020, earning $6.5 million in investments and is now worth around $150 million. Apple’s acquisition deal was completed last week.

At this time, it’s unclear what Apple wants to do with Credit Kudos, but it’s plausible that the startup’s technology could help the company launch the Apple Card in the UK and then the rest of Europe. Europe.

To date, ‌Apple Card‌ is available exclusively in the US, but Credit Kudos’ technology is based on the UK’s open banking framework. Apple may modify Credit Kudos technology to take advantage of it in the US and other countries where it wants to launch the Card, significantly speeding up the whole process.

Of course, credit markets and financial regulations vary wildly from country to country, so it won’t be easy for Apple to launch ‌Apple Card‌ internationally. This is only a first step, after the great success of the Apple Card in the United States.

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