Apple Inc (NASDAQ:AAPL) bought UK-based credit scoring start-up Credit Kudos Ltd for around US$150mln, according to reports.
The deal continues the US tech giant’s push into payments technology, fueling speculation it is preparing to launch a UK version of its Apple Card, Bloomberg and blockcrypto.com claimed.
Credit Kudos enables banks to make fast, automated decisions around loan applications with less risk and higher acceptance rates.
In April 2020, the London-based startup bagged £5mln in funding.
The crypto focused Block news site reported the firm raised about US$10.3mln in venture capital.
In recent years, Apple has expanded its payment offerings and currently offers financial products mainly through its mobile wallet Apple Pay, although this is not available worldwide.
Some think Credit Kudos’ technology could help Apple launch a UK version of its Apple Card.
The UK has the third-largest number of Apple Stores after the US and China and gets a lot of Apple's new products before other markets.
Later this year, Apple plans to release its much-anticipated ‘Tap to Pay’ feature.
According to reports this will allow businesses to use their iPhone to securely accept Apple Pay, contactless credit and debit cards and other digital wallets through a simple tap to their iPhone.
Apple began working on the new feature around 2020, when it paid about US$100mln for Canadian startup Mobeewave.
Last year, Credit Kudos teamed up with Atom Bank to make business loans more affordable. The goal is to lend over £1bn in the next two years.Apple Inc (NASDAQ:AAPL) (Apple Inc (NASDAQ:AAPL))