Breega, backer of Moneybox, and Connect Ventures, backer of Truelayer, have closed a GBP5m seed equity round into Keebo, a credit card approved by the FCA to use open banking data.
Breega, backer of Moneybox, and Connect Ventures, backer of Truelayer, have closed a GBP5m seed equity round into Keebo, a credit card approved by the FCA to use open banking data.
In addition to this seed round, Keebo has received three tech grants by the UK government for developing its financial modelling, including Innovate UK’s Fast Start grant, awarded to leading-edge start-ups.
Partnering with Mastercard and launching in October this year, Keebo is a credit card company using behavioural underwriting, which enables the company to provide customers with the ability to understand how their purchases and financial choices improve their financial situation.
The company, which was founded by Michael Vanaselja (CEO) and Matthew Hallett (CTO), intends to offer a credit card and mobile app that empowers users through the use of open banking technology.
Keebo will use the investment by Breega and Connect to continue on its trajectory towards launch, with a focus on a “robust recruitment drive of outstanding talent”, to help Keebo achieve its objective of bringing wellness to credit building and personal finance.
“It is more important than ever that we change our relationship with money – to take the fear away from ‘healthy’ debt and bring a strong dose of wellness into our finances,” said Micheal Vanaselja, Keebo’s co-founder and CEO.
“By leveraging new technology never used before in a credit card, we are proud to have created an app designed to change the future of finance for the next generation. We are thrilled to have the support of incredible investors in bringing Keebo’s vision of personalised credit to life,” added Vanaselja.
BNPL and alternative credit products have grown at a fast pace recently, since many are not regulated as consumer loans by global regulators -including the FCA- which has proposed upcoming changes to regulate the BNPL and alternative credit industry.
