Apple buys Credit Kudos, a UK data tool for lenders

Apple has bought British start-up Credit Kudos for around $150 million, according to a report published on Wednesday (March 23).

The deal was completed earlier this week.

Credit Kudos services offer insights and scores on loan applicants derived from banking data, particularly transaction data and loan results. It comes from the open banking framework of the United Kingdom. The Application Programming Interface (API) gives lenders better decision-making, less risk, and higher acceptance rates.

The report by news site The Block noted that Credit Kudos last raised funds at the height of the pandemic, in April 2020. Then it was able to nail down £5m, or £6.5m of dollars.

This round was led by AlbionVC, along with TriplePoint Capital, Plug and Play Ventures, Ascension Ventures’ Fair by Design fund, Entrepreneur First and several angel investors.

Credit Kudos was founded in 2015 by Freddy Kelly and Matt Schofield. It is one of several large European open banking acquisitions of the past year. However, it’s the first to be subsumed by a tech giant the size of Apple.

The report notes that there is no indication of what Apple has planned for Credit Kudos.

See also: Atom Bank, Credit Kudos team on SME lending

Credit Kudos partnered with Atom Bank last year to add open data capabilities for business loan affordability assessments, PYMNTS wrote.

The aim is to provide more than £1 billion in loans over the next two years.

Atom Bank plans to use Credit Kudos’ risk categorization and insights to automate underwriting, enabling faster decision-making.

Additionally, Atom Bank will now be able to instantly verify income and know what loan repayments a small business can afford, and will have the ability to offer loans to smaller and younger businesses.

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