Apple has acquired UK-based open banking fintech Credit Kudos in a deal worth around $150 million, sources told The Block.
According to Insider Intelligence/eMarketer, Apple could use the deal to boost its payment business. For example, Apple could try to bring its Apple Card to the UK.
Another feature Apple could be seeking, according to the report, would be to add financial tools such as credit score checks and budget alerts to Apple Wallet and Apple Card.
Apple Card, which is underwritten by Goldman Sachs, could use Credit Kudos to assess credit scores of users.
Earlier this year, Apple announced Tap to Pay for the iPhone as a point of sale solution. Apple Pay also allows users to store driver’s licenses and health insurance cards in the wallet.
According to Boston Consulting Group, payment revenues globally are expected to reach $2.9 trillion in 2030, a massive jump from the $1.5 trillion in 2021.