Apple has frequently acquires smaller startups, and its most recent acquisition appears to be out of the ordinary at first glance.

Credit Kudos, an open banking startup, has been acquired by Apple. The startup gives clients scores based on their financial health.

Three people working on the deal said it closed earlier this week and it valued the company at around $150 million.

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So far, it appears to have been a covert transaction, as neither Apple nor Credit Kudos have made a public announcement about it.

That is not unusual in and of itself, as Apple rarely announces its smaller acquisitions.

But even so, when Credit Kudos is factored in, the transaction makes more sense. Apple is now a financial services company, thanks to the launch of the Apple Card in 2019.

The Apple Card is at present available in the United States, but given Credit Kudos location in the UK, servicing European customers.

This acquisition could be a sign that Apple may be bringing the Apple Card to new territories outside of America in the not-too-distant future.

Source: FastCompany