Apple Card may go international as Apple buys UK credit scoring startup

AppleInsiderAppleInsider
Posted:
in General Discussion edited March 2022
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."

Read on AppleInsider

Comments

  • Reply 1 of 9
    neverindoubtneverindoubt Posts: 120member
    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.
    watto_cobra
  • Reply 2 of 9
    neelypeelyneelypeely Posts: 1member
    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.
    watto_cobra
  • Reply 3 of 9
    fred1fred1 Posts: 1,112member
    I hope they can do this in a European country as well. 
    watto_cobra
  • Reply 4 of 9
    Cesar Battistini MazieroCesar Battistini Maziero Posts: 339member
    If Apple launched in Brazil, it would see massive adoption! 

    Apple Pay is already super widespread, and their cash back policy would be a major attractive. 
    watto_cobra
  • Reply 5 of 9
    ozpeterozpeter Posts: 2member
    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. 
    watto_cobra
  • Reply 6 of 9
    AMcKinlay21AMcKinlay21 Posts: 125member
    neverindoubt said:
    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.
    As you rightly point out, most of Europe has strictly capped interchange fees, so it’s very unlikely that we would see the same cash back feature available here.

    That said, Apple’s user interface in terms of managing one’s credit card and repayments would be, in itself, a very attractive proposition.
    watto_cobra
  • Reply 7 of 9
    neverindoubtneverindoubt Posts: 120member
    AMcKinlay21 said:
    neverindoubt said:
    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.
    As you rightly point out, most of Europe has strictly capped interchange fees, so it’s very unlikely that we would see the same cash back feature available here.

    That said, Apple’s user interface in terms of managing one’s credit card and repayments would be, in itself, a very attractive proposition.
    I can see them maintaining the 3% cash back on Apple purchases, and eating the loss as a marketing expense.

    I'd be shocked if they could maintain the 2% cash back on ApplePay purchases, particularly if there continued to be no fee for "foreign" transactions.

    In the US you can count on less than one hand the number of no annual fee, no foreign transaction fee, 2% cash back cards.

    Reading the comments about how great people think Apple Card will be for them, regardless of the cash back/fee structure, leads me to believe that the credit card landscape outside the US is even bleaker than I thought.
    AMcKinlay21watto_cobra
  • Reply 8 of 9
    seanjseanj Posts: 318member
    fred1 said:
    I hope they can do this in a European country as well. 
    The U.K. is a European country  :D
    dope_ahminewatto_cobra
  • Reply 9 of 9
    JeanPierreDeElleJeanPierreDeElle Posts: 19member
    fred1 said:
    I hope they can do this in a European country as well. 
    The UK is in Europe.....
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