LONDON — Apple has acquired British fintech start-up Credit score Kudos, an individual acquainted with the matter informed CNBC, confirming an earlier media report.

The deal was finalized earlier this week, the individual mentioned, preferring to stay nameless discussing commercially delicate info.

The information was first reported by crypto-focused media outlet The Block, citing three sources acquainted with the matter. The deal values Credit score Kudos at round $150 million, The Block reported.

A spokesperson for Apple mentioned the U.S. tech large “buys smaller know-how corporations sometimes, and we usually don’t talk about our goal or plans.” Credit score Kudos was not instantly out there for remark when contacted by CNBC.

Based mostly in London, Credit score Kudos develops software program that makes use of shoppers’ banking knowledge to make extra knowledgeable credit score checks on mortgage purposes. It’s a challenger to the massive credit score reporting companies, which embrace Equifax, Experian and TransUnion.

The deal might have severe implications for a few of Credit score Kudos’ purchasers, which embrace the London-based fintech corporations Curve and Fronted.

Credit score Kudos had been in discussions a couple of doable sale as early as January, two folks acquainted with the matter beforehand informed CNBC. They spoke on the situation of anonymity because of the delicate nature of the talks.

The corporate operates in a nascent house on the earth of fintech referred to as “open banking,” the place third-party corporations securely hyperlink to folks’s financial institution accounts to extract info and make funds on their behalf, supplied they have consent to take action.

The pattern has gained momentum in Europe in recent times because of fintech-friendly guidelines launched in 2018 that purpose to extend competitors within the funds business.

It has ignited big curiosity from traders, with Silicon Valley start-up Plaid being valued at $13.4 billion in a funding spherical final yr.

Plaid had beforehand agreed to be purchased by Visa, however scrapped these plans following an antitrust lawsuit from the U.S. authorities.

Visa subsequently acquired Tink, a Swedish firm that competes with Plaid, for $2.1 billion.

It isn’t but clear what Apple has deliberate for Credit score Kudos. The corporate has made important inroads into monetary companies through the years by its Apple Pay cellular pockets and the Apple Card, a bank card the agency launched in partnership with Goldman Sachs within the U.S.

Credit score Kudos, which final obtained enterprise capital funding in early 2020, has raised a complete of £7.8 million up to now, in line with Crunchbase knowledge. The agency racked up losses of £4.5 million ($5.9 million) in its 2020 monetary yr, double the £2.2 million it misplaced in 2019, in line with a Firms Home submitting.

– CNBC’s Sam Shead contributed to this report