Apple acquires UK delivery banking startup

Lauren Towner March 23, 2022 Credit Kudos, a UK open banking startup that helps lenders make better decisions, has been acquired by US tech giant Apple. The deal closed earlier this week, according to three people close to the deal. One source said it valued the startup at about $150 million, a significant uplift in…

Apple acquires UK delivery banking startup

Lauren Towner
March 23, 2022

Credit Kudos, a UK delivery banking startup that helps lenders establish better decisions, has been received by US tech huge Apple.

The deal closed earlier this week, per three people stop to the deal. One provide stated it valued the startup at about $150 million, a most well-known uplift in valuation. A hyperlink labeled ‘Internet divulge Phrases of Consume’ on the Credit Kudos internet page at display ends in a internet page outlining Apple’s phrases of enlighten. Every Credit Kudos and Apple were contacted for commentary nevertheless did no longer acknowledge by press time.

Credit Kudos final raised money at the close of the Covid-19 pandemic in April 2020, bagging £5 million (roughly $6.5 million) in a spherical led by AlbionVC. TriplePoint Capital, Race and Play Ventures, Ascension Ventures’ Comely by Affect fund, Entrepreneur First and a replacement of angel backers furthermore invested.

The startup presents insights and ratings on loan candidates drawn from bank data — particularly transaction and loan final consequence data — sourced by way of the UK’s delivery banking framework. Its API can offer lenders faster decision-making, less threat, and elevated acceptance charges, per its internet page.

Delivery Banking frenzy

Launched in 2015 by founders Freddy Kelly and Matt Schofield, Credit Kudos becomes the most stylish in a string of huge European delivery banking acquisitions within the previous year — albeit the essential to be snapped up by a tech huge.

To this level, card community operators Mastercard and Visa were utilizing consolidation within the sector. In June 2021, Visa paid €1.8 billion (roughly $2.15 billion at the time) for Swedish delivery banking firm Tink — an acquisition that used to be finalized earlier this month. In September, Mastercard announced the acquisition of Aiia, a Danish delivery banking startup.

It’s no longer but clear what Apple has planned for Credit Kudos. The Silicon Valley-basically based fully firm at display presents financial products basically thru its mobile wallet Apple Pay, and within the make of a bank card that it started rolling out in August 2019

Supply: up/138898/apple-acquires-uk-delivery-banking-startup-credit ranking-kudos

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