Apple acquires Italian start-up for $5 million

Apple has acquired Italian Application Programming Interface (API) integration developer - Stamplay - for $5.678 million, the media reported. Stamplay describes itself as a "low code work-flow automation platform, empowering organisations to streamline manual work by integrating data and business applications used every day".

However, the reasons for the iPhone-maker purchasing the Rome-based start-up remains unclear, VentureBeat reported on Thursday. "However, it`s noteworthy that this start-up has experience in the financial payments industry, a sector that Apple entered with Apple Pay, and is expected to expand upon with a self-branded credit card next week," the report said. 

In 2016, the start-up won Visa`s Everywhere Initiative API contest and was entrusted with an unspecified development project for the payments giant. As part of the deal, Apple has decided to permanently keep the Co-Founders of the company, Giuliano Iacobelli and Nicola Mattina.

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Apple has not officially announced the acquisition as yet.