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TransactionWatch – Week of March 21st – March 25th

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M&A activity within the payments industry persists this past week with one notable deal. Reported earlier in the week, people familiar with the matter have disclosed that Apple has acquired the U.K.-based start-up Credit Kudos. This deal reportedly values Credit Kudos at around $150 million, a significant jump in value based on their latest funding round which raised approximately $6.5 million. The company has seemingly been on the market since September of last year as they sought a buyer that aligned with their strategic goals. Credit Kudos is positioned in the open banking space where they specialize in developing software that processes credit checks for consumer’s loan applications based on their historic banking data. This deal suggests that Apple is further committed to broadening their suite of financial services, which goes in hand with their Apple Pay mobile wallet and Apple Card.