William Gallagher
Apple has acquired Credit Kudos, a UK firm involved in credit scoring for banks, in a deal believed to be worth $150 million - and likely to help with launching Apple Card in the country.
Tim Cook confirmed in 2019 that the company's Apple Card would not remain a US-only offering, but now there is the potential first sign of that international expansion.
According to finance research publication The Block, the UK's Credit Kudos has been acquired by Apple. Unspecified sources say that the deal was concluded for $150 million.
Credit Kudos is a service for banks which aims to help them better, and more quickly, assess the credit worthiness of anyone applying for a credit card.
Apple Card was created by Apple in partnership with Goldman Sachs. The financial firm later told its investors that Apple Card had "the most successful credit card launch ever."
Goldman Sachs also confirmed what Cook had said about bringing Apple Card oversees.
"We're going to start in the US," Goldman Sachs International's CEO Richard Gnodde said in 2019, "but over time, absolutely, we will be thinking of international opportunities for it."
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9 Comments
Will be interesting if they can keep the same cash back/ no fee structure.
Credit card swipe/interchange fees outside the US are much lower, less money to be made/less available for customer kickbacks/points/miles.
About time, I've been waiting so long for Apple to bring the card to the UK. I do not care about the fact that the cash back given in the US will more likely not happen here, or at least to a lesser extent. I just want a specific card to use for my Apple purchases and to , hopefully, make it easier when using the iPhone Upgrade Program etc and Apple Payments would be good too. My whole family will apply to get one.
I hope they can do this in a European country as well.
If Apple launched in Brazil, it would see massive adoption!
Love to see apple card available in Australia as well. We have had rapid adoption of tap to pay and IPhone is the dominant premium phone. There would be huge demand.