Apple Acquires Fintech Startup for $150 Million

[Image source=Reuters Yonhap News]

[Asia Economy New York=Special Correspondent Joselgina] Apple has acquired the UK fintech startup 'Credit Kudos' for $150 million (approximately 182.5 billion KRW), CNBC reported citing multiple sources.

According to the report on the 23rd (local time), the acquisition deal between Apple and Credit Kudos was finalized earlier this week. The acquisition amount was reported to be around $150 million.

Headquartered in London, Credit Kudos develops software that enables more comprehensive credit checks based on consumers' banking data when applying for loans. It also operates an open banking business that allows users to register accounts from multiple banks with one bank or fintech company and freely make payments and transfers between accounts.

CNBC stated that it is not yet clear what business Apple will pursue with Credit Kudos. The acquisition is also seen as a significant challenge to credit rating agencies such as Equifax and Experian.

In recent years, Apple has been expanding its financial services business, including the mobile wallet Apple Pay and the Apple Card credit card launched in partnership with Goldman Sachs.