Apple Reportedly Purchases Fintech Startup Credit Kudos

Apple, the giant tech company, has reportedly acquired Credit Kudos, a UK-based fintech startup Startup A company operating within its first stage of investing is known as a startup. While startups may give the impression that the company must be new, that is not always the case.Many companies can have this designation after nearly three years of existence. Typically, a company exits the startup status after a period between 3 to 5 years or after successful funding rounds where capital is acquired. Startups tend to derive out of the belief that there is a demand for a service or product which is c A company operating within its first stage of investing is known as a startup. While startups may give the impression that the company must be new, that is not always the case.Many companies can have this designation after nearly three years of existence. Typically, a company exits the startup status after a period between 3 to 5 years or after successful funding rounds where capital is acquired. Startups tend to derive out of the belief that there is a demand for a service or product which is c Read this Term, according to the Financial Times. The manoeuvre is seen to bolster the payments technology by the Macbook and iPhone manufacturers.

Credit Kudos relies on machine learning to create an alternative to traditional credit scores, which might suggest that Apple could expand its arms into lending services. Last year, reports suggested Apple was working on introducing a 'buy now, pay later' feature for Apple Pay, similar to those offered by Klarna, PayPal and Afterpay.

Simon Taylor, the Co-Founder of 11:FS and Chief Product Officer at fintech Fintech Financial Technology (fintech) is defined as ay technology that is geared towards automating and enhancing the delivery and application of financial services. The origin of the term fintechs can be traced back to the 1990s where it was primarily used as a back-end system technology for renowned financial institutions. However, it has since grown outside the business sector with an increased focus upon consumer services.What Purpose Do Fintechs Serve?The main purpose of fintechs would be to suppl Financial Technology (fintech) is defined as ay technology that is geared towards automating and enhancing the delivery and application of financial services. The origin of the term fintechs can be traced back to the 1990s where it was primarily used as a back-end system technology for renowned financial institutions. However, it has since grown outside the business sector with an increased focus upon consumer services.What Purpose Do Fintechs Serve?The main purpose of fintechs would be to suppl Read this Term consultancy Credit Kudos, told the Financial Times that the acquisition of Credit Kudos could provide Apple with this functionality. “Instead of forcing consumers to do a full credit pull just to buy a $50 jacket, why not quickly check their affordability and creditworthiness directly from their bank account?” he commented.

A London-based fintech raised GBP 5 million in 2020 in a funding round led by Albion VC to make affordable credit more widely available and facilitate faster loan decision-making across a variety of industries, including rental apps, brokers and other fintech.

Bank statements and utility bills, which are traditional credit assessment measures, have been criticized for their inaccuracy in determining a consumer’s financial situation.

No Comments on the Acquisition

Credit Kudos declined to comment further on the acquisition. Apple issued the following brief statement: “Apple buys smaller technology companies from time to time, and we generally do not discuss our purpose or plans.”

It is a rare occurrence for the Silicon Valley-based companies to make large acquisitions, instead opting to acquire smaller teams and add-on technology that it can use to accelerate the development of new iPhone features.

As of press time, there is no additional confirmation on the purchase, aside from the Financial Times reporting about the matter.