Keebo, a new credit card in the UK, has announced its beta launch with Mastercard.
Keebo is aimed at “credit invisibles” in the “passion economy”
Keebo says it aims to tackle financial exclusion by helping people “unlock the power of credit” and is “the UK’s first credit card company to use open banking data to improve access to credit by understanding a customer’s broader financial behaviour, including spending habits, income frequency, and savings”.
Users can now download the Keebo app and apply for the credit card.
The start-up estimates there are nearly 5.2 million people in the country that are “virtually invisible” to the established financial system.
These “credit invisibles” are often part of the so-called “passion economy” – an economy built around “creators with a purpose” – people who want to start a brand, business, or community (usually on digital platforms) around a shared passion, Keebo observes.
“Often young, with limited credit history and irregular income, these consumers are excluded from traditional forms of credit as their lifestyles and careers do not fit with the existing models of creditworthiness,” it explains.
Keebo was founded by CEO Michael Vanaselja and CTO Matthew Hallett. Last year, it closed a £5 million seed equity round led by Breega (backers of Moneybox) and Connect Ventures (backers of TrueLayer).
