Apple Acquires UK Financial Startup

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Apple has closed a deal to acquire Credit Kudos, a UK-based financial sector startup, as revealed by The Block website on Wednesday (23). The purchase agreement, recently signed, would have a value of approximately US$ 150 million, equivalent to R$ 735 million at today’s quotation.

According to the publication, the British company is already presented, on its official page, as a “subsidiary of Apple”. The firm operates in the provision of credit checking services, providing information that allows its clients to make the best decisions regarding financial services.

It uses the UK’s open banking platform to verify bank details of transactions and loan applications. In this way, its technology offers creditors a system that makes it possible to make faster and more automated decisions about a given consumer’s creditworthiness.

For now, it is not known what are the plans of Apple in relation to the financial startup. As MacRumors recalls, the Cupertino giant has acquired several smaller companies in recent years that have been incorporated into its ecosystem, such as the music recognition service Shazam.

Apple Card in the UK?

One of the possibilities raised for this agreement is the launch of the Apple Card in the UK, using the mechanisms offered by the startup to make decisions about future card customers in the local market. Currently, the brand’s flagship credit product is only available in the United States.

Launched in 2019, the Apple credit card works integrated with the iPhone, has no annual fee and has a daily cashback program. It can be used in physical and digital versions, being issued by the Goldman Sachs bank.

Nor is it ruled out that the Credit Kudos technology will be adapted for use in the American market.