Apple has acquired UK FinTech Credit Kudos for £114 million.

The open banking startup, based in London, uses machine learning to create an alternative to traditional credit scores from agencies such as Experian, Equifax and TransUnion.

Credit Kudos’ insights on loan applicants are drawn from bank data sourced from the UK’s open banking framework and is seen as a more accurate view of a potential customer’s actual financial situation.

Its API aims to make affordable credit more widely available and assist in faster lending decisions.

The news, first reported by crypto news outlet The Block, has not been confirmed by either company. However a ‘terms and conditions’ page on the Credit Kudos website now links to Apple’s T&Cs.

The deal could see Apple push further into credit services including buy now, pay later and also provide its credit card, currently only available in the US, to UK customers.

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Credit Kudos last raised funding, £5 million led by Albion VC, in April 2020. The firm was founded in 2015 by Freddy Kelly and Matt Schofield.