UK Keebo credit card launched for ‘invisible credits’ in the ‘passion economy’
Keebo, a new credit card in the UK, has announced its beta launch with Mastercard.
Keebo says it aims to tackle financial exclusion by helping people “unleash 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 behavior, including spending habits, income frequency and savings”.
Users can now download the Keebo app and apply for the credit card.
The start-up estimates that there are nearly 5.2 million people in the country who 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 purpose” – people who want to build a brand, business or community (usually on digital platforms) around a shared passion, observes Keebo.
“Often young, with limited credit histories and irregular incomes, these consumers are excluded from traditional forms of credit because their lifestyles and careers do not fit existing credit models,” he explains.
Keebo was founded by CEO Michael Vanaselja and CTO Matthew Hallett. Last year it closed a £5m seed round led by Breega (Moneybox backers) and Connect Ventures (TrueLayer backers).