Keebo, a London, UK-based credit card approved by the FCA which uses open banking data, closed a £5m seed funding.
The round was led by Breega and Connect Ventures.
The company intends to use the funds to hire new people and continue to develop the platform towards launch.
Founded by Michael Vanaselja (CEO) and Matthew Hallett (CTO), Keebo offers a credit card and mobile app that empowers users to build their credit, whilst also developing financial stability and personal growth. The company leverages behavioural underwriting to provide customers with the ability to understand how every purchase and financial decision they make improve their credit and financial wellbeing.
Every transaction made with a Keebo card – and all linked accounts – feeds into the company’s underwriting technology to give users a true understanding of how they are building towards their life goals on a daily basis. Through the use of open banking technology, the system understands its customers’ full financial history and provides them with fair, low-interest credit, even if theydon’t have a credit score.
In addition to this seed round, Keebo has been awarded three technology grants by the UK government for developing its financial modelling, including Innovate UK’s Fast Start grant for cutting-edge start-ups. Keebo is also supported by, and launching with, Mastercard.