back Back

Keebo acquired by financial wellbeing FinTech Wagestream

By Gloria Methri

October 04, 2023

  • financial wellbeing
  • FinTech
  • FinTech Acquisition

Wagestream, Keebo, FinTech, UKWagestream, the financial wellbeing provider backed by charities, VCs, and BlackRock, has acquired challenger credit card start-up Keebo. Keebo’s product, technology, and team, including CEO and founder, Michael Vanaselja, will become part of the Wagestream Group.

The acquisition will support Wagestream’s mission of improving the financial wellbeing of shift and frontline workers – who are often excluded by traditional financial services.

Keebo is the first credit card company authorised in the UK that uses Open Banking data to approve customers based on their broader financial behaviour – instead of just their credit score. Keebo’s approach means it can help the 5 million ‘credit invisibles’, who have a thin credit file or no credit file at all, get access to the UK’s financial system and build better financial futures.

Michael Vanaselja, CEO and founder of Keebo, said, “Keebo set out to serve the millions of people who are unfairly denied traditional financial products and services – by helping them get access to credit and build their credit over time. Now, we will be able to bring our solution to even more people with Wagestream and reach millions of frontline workers who are underserved by traditional financial institutions. The mission overlap is huge, and we can’t wait to help even more people build towards better financial futures.”

Keebo now becomes part of the Wagestream Group, whose financial wellbeing app is used by more than 3 million workers through employers like Bupa, Asda, Pizza Express, and the NHS. Workers can use the Wagestream app to manage budgeting, choose when to get paid, build up a rainy-day fund, chat with a money coach, save on their bills, and more – all in one app.

The company was founded and created with social impact funds and the Fair By Design campaign and operates on a social charter to improve workers’ financial wellbeing.

Peter Briffett, CEO and Co-founder of Wagestream said, “Many UK frontline workers are locked out of fairer financial services because of low credit scores. With a phenomenal team and a product that’s already making credit fair and accessible for underserved households, joining forces with Keebo is another great example of how we can make work more rewarding for frontline workers with workplace finance. 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.”

Previous Article

October 04, 2023

Salt Edge & SeaPay team to boost open banking for Saudi Arabian merchants

Read More
Next Article

October 04, 2023

LivQuik & Coupl to simplify finances for couples with shared expense management

Read More

IBSi Daily News Analysis

UK, Bank

July 12, 2024

financial wellbeing

Global securities lending revenue sees sharp 16% decline to $2.53bn in Q2 2024, study shows

Read More

IBSi FinTech Journal

  • Most trusted FinTech journal since 1991
  • Digital monthly issue
  • 60+ pages of research, analysis, interviews, opinions, and rankings
  • Global coverage
Subscribe Now

Other Related News

July 12, 2024

Nuvei and Mastercard team to enable crypto to fiat conversion

Read More

July 12, 2024

SaaScada & Partes sign embedded finance partnership in Switzerland

Read More

July 11, 2024

BR-DGE launches white-label payment orchestration solution

Read More

Related Reports

Sales League Table Report 2024
Know More
Global Digital Banking Vendor & Landscape Report Q2 2024
Know More
Wealth Management & Private Banking Systems Report Q2 2024
Know More
IBSi Spectrum Report: Supply Chain Finance Platforms Q4 2023
Know More
Treasury & Capital Markets Systems Report Q1 2024
Know More

IBSi Sales League Table

The industry acknowledged barometer of global banking technology vendor performance!
Get your copy now!
Get your copy now! IBSi Sales League Table 2024