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Apple has acquired London-based fintech Credit Kudos, according to reports.

Credit Kudos was reportedly valued at $150m (£114.3m), according to The Block, which first reported the news.

Apple is yet to publicly confirm the acquisition and did not return UKTN’s request for comment.

However, Credit Kudos updated its website Services Terms of Use on 21 March and states that “Credit Kudos is a subsidiary of Apple.” The Privacy Policy also redirects to Apple’s website.

London-based Credit Kudos is a software company that allows businesses to use open banking to improve affordability and risk assessments. The software also lets lenders streamline underwriting, improve accuracy in decision-making and customer support.

Open banking adoption is set to hit 70% among lenders by 2023.

Previously Credit Kudos raised £5m in its Series A round in April 2020, which was led by AlbionVC with total funding of £7.8m.

Credit Kudos is authorised by the Financial Conduct Authority and counts Curve, Admiral and Atom bank amongst its users.

The acquisition is thought to be part of Apple’s efforts to launch its Apple Card to the UK market after launching in August 2019. There is also speculation that the acquisition could help Apple enter the lucrative buy now, pay later market.

Apple’s previous acquisitions include Shazam and Beats Electronics.

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