Apple, the name that has become synonymous with electronics of the future, has taken a leap when it comes to the FinTech space. On the heels of a recent launch of their Apple card, which grants credit to more than 3.1 million users worldwide, they have decided to expand with the purchase of UK based Credit Kudos. The company, started by engineering geniuses Steve Jobs, Steve Wozniak, and Ronald Wayne, has quickly amassed a market share that brings in revenues of nearly $400 billion dollars, with stocks trading at $175.60USD.
The deal, which features the UK startup, founded by Freddy Kelly and Matt Schofield, seven short years ago, gives the tech giant a first hand look into a lending trend where creditworthiness is more than just a score. Credit Kudos, with a recent funding round of $5 million BPD led by Albion VC, is inking a new form of credit via transactional data mining across its European banking partners, possibly making the extension of credit lines easier. The move puts the company at a $150 million dollar valuation, and is quickly spreading among crypto enthusiasts and investors alike. However, it won’t stop there for Apple, as they are already in the works on another deal involving Buy Now Pay Later, cementing their status as a force to be reckoned with.
