Apple makes a fintech acquisition: ‘stock could grind its way higher’

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Apple Inc (NASDAQ: AAPL) wants to capitalize on the fast-growing fintech space and it’s made an acquisition to realize this goal.

Apple bought British fintech startup Credit Kudos

The iPhone maker has bought Credit Kudos in a deal that values the British fintech startup at about $150 million, reported “The Block” on Wednesday, citing anonymous sources.

Further details of the agreement are yet to be revealed. It’s unclear what Apple has planned for the “open banking” company, but one of the theories is that the acquisition will help it launch the Apple Card in Europe.

Credit Kudos hasn’t made an official comment on the news so far, but on the website, it’s already unveiled itself as a subsidiary of Apple.

Apple stock jumped 15% in less than two weeks

Shares of Apple Inc have climbed nearly 15% since last Monday in concert with the broader rally in the tech stocks. Still, Jon Najarian is convinced the stock has more room to run. On CNBC’s “Halftime Report”, he said:  

Is Apple still crushing it? Is it still going to see another cycle heading into this fall? That’s what I believe. I didn’t flush it out when we hit $150. I was adding call spreads. I’m still in it and I’m not taking profits. I think this one continues to work and grind its way higher.

Apple launched a cheaper, 5G compatible iPhone SE and its fastest Mac to date, earlier this month.

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