Financial wellbeing app Wagestream is set to acquire Keebo, a London-based credit card challenger built for “credit invisibles”, for an undisclosed sum.
Wagestream to acquire UK credit card challenger Keebo
Wagestream says the deal will support its push to improve the financial wellbeing of shift and frontline workers in the UK.
Founded in 2019, Keebo applies open banking data in its credit decisioning process, enabling it to lend to those with thin or limited credit histories. The fintech has raised £5.5 million in funding to date.
Following the acquisition, Wagestream Group will absorb Keebo’s product, technology and staff, including CEO and founder, Michael Vanaselja.
Vanaselja says the move will enable the company to “bring our solution to even more people”, particularly the 3 million frontline workers currently using the Wagestream app.
Peter Briffett, CEO and co-founder of Wagestream, claims many of the UK’s frontline workforce are “locked out of fairer financial services because of low credit scores”.
“By offering Wagestream, more than 1,000 employers now subsidise fairer financial services for their people, and, soon, help with building up a better credit history will be yet another benefit they can offer,” he explains.
