Apple takes positions to advance fintech in Europe by buying Credit Kudos

apple has bought a small British company in the sector. Is about Credit Kudosan open banking and credit reference startup born in 2015. Basically, it is a credit checking agencywhich claims to have a more complete evaluation system than that of other companies that use methods other than their own to create profiles, focused on machine learning and real-time data, instead of older information, such as receipts basic supplies and bank statements.

In this way, they aim to produce a more accurate credit score for each profile, so that banks and other financial services can count on more information to grant loans and other financial products to those who request them.

As is often the case with all purchases made by Apple, the terms of the company’s purchase are unknown, but according to The Block, the operation has been closed this week, and the price paid would be around 150 million dollars. In any case, it is not known exactly what Apple wants to do with the company, although everything indicates that it could use it to lay the foundations for its activities in the fintech sector to move towards Europe.

Specifically, to facilitate the arrival of AppleCard, the company’s credit card, which is available in the United States and has not yet made the leap to other markets. UK, and possibly the rest of Europe afterwards. Apple also has other fintech services, which it provides through its Apple Pay digital wallet.

Thanks to the regulations open banking in force in the United Kingdom, which allow companies access financial data through secure APIsthe ones that Credit Kudos has, allow the company to connect to British banks to consult the data of those who want to prepare a credit profile, they could help the company to decide, for example, if a resident of the United Kingdom meets the necessary requirements for be able to have an Apple Card.

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