UK payments app Cardeo to shut down
Cardeo, a three-year-old payments start-up based in the UK, is closing down its mobile app on 9 November 2023.
Cardeo to wind down operations
In an announcement posted on its website, Cardeo says the reason behind its decision to close it doors was that it failed to secure the funding required “to continue as a business”.
Founded in 2020 and based in London, Cardeo’s mobile app afforded customers, via open banking, a complete overview of their credit cards.
Through the data extracted, the app then calculated how long the customer will take to pay off all cards, allowing them to set up repayment targets as well as a single monthly payment with reminder alerts.
Customers could edit, pause and make extra one-off payments to reach their targets, with eligible customers getting access to Cardeo Credit, which was the company’s main source of income, by offering “flexible” credit lines with lower interest rates.
Cardeo’s customers have now been asked to make alternative arrangements for repaying their credit cards following the app’s shutdown, with Cardeo Credit customers being contacted separately regarding the closure.
