Keebo (acquired by Wagestream)

UK-based Keebo offers a Mastercard credit card, which is managed through its mobile app, to borrowers with a limited credit history. While Keebo does not have a banking license or partner with a bank, it is authorized and regulated by the Financial Conduct Authority (FCA) in the UK. Keebo is reportedly the first and only (as of September 2021) credit card company approved by the FCA to offer cards using open banking data. 

Through its strategic partnership with open banking provider Yolt Technology Services (YTS) in September 2021, it uses customers’ daily bank transaction data to offer credit at what it claims are personalized rates. 

Users can build their credit history through a customized repayment plan, with regular payments made at a frequency and date of their choice. Through the mobile app, users can modify the repayment plan, track expenses, and gain insights into their finances. The platform is monetized through interchange fees, interest, and late payment fees.

In October 2023, Keebo was acquired by Wagestream , a UK-based financial wellness platform, for an undisclosed amount. Following the acquisition, Keebo’s suite of products, technology, software, and its workforce are set to become part of Wagestream.

Funding and Financials

In August 2021, Keebo raised GBP 5 million (~USD 6.9 million) in a seed funding round co-led by Breega and Connect Ventures, with plans to funnel the fresh capital towards talent acquisition. It was also given a grant of an undisclosed amount from Innovate UK in the same month.