Following this announcement, Keebo’s suite of products, technology, and software, as well as its team are set to become part of the Wagestream Group.
The acquisition will improve Wagestream’s mission of optimising the overall financial wellbeing of shift and frontline workers that are often excluded by many traditional financial solutions. The process will take place by providing them with the needed access to credit in a secure and efficient manner.
As the cost-of-living crisis and the growing number of individuals with limited credit histories are increasing, frontline workers and low-income earners are especially impacted by the overall situation. Despite the overall inflation, new UK residents and low-income households are the ones that pay more than higher-income households for credit products, with the possibility of not being enabled to access them at all.
This type of financial exclusion is something that Keebo focused on reducing by prioritising the process of tackling the challenges these individuals face with a credit card that was designed to improve their situation. The card can be leveraged to get access to the needed services, as it was developed with the usage of Open Banking in order to approve customers based on their wider financial behaviors. Clients were also enabled to build credit by using the company’s points-based credit limit builder, which improved the manner in which users understood and optimised their credit over time.
At the same time, customers were given the possibility to manage their debts by making improved decisions through receiving immediate, transparent feedback on their financial balance.
Both companies will focus on providing their solutions to multiple individuals and improving their overall financial wellbeing. Clients will be enabled to use the Wagestream application in order to manage their budgeting process, choose the preferred time to get paid, chat with a money coach and receive financial understanding, save on their bills, build up a `rainy-day` fund, and others. Keebo’s strategy of development
The UK-based challenger credit card company Keebo announced its beta launch in partnership with Mastercard back in 2022, leveraging Open Banking in order to increase the overall access to credit of its clients. Following the announcement, the company aimed to allow customers to download an application and to apply for a credit card in a more efficient and secure manner. Keebo was set to focus on building a personalised credit future for its users, giving them the possibility to access insight into how their decisions and transactions impact their financial wellbeing, as well as how to connect accounts and build their credit.
Earlier in the same period, Keebo partnered with global information solution company Experian to optimising access to credit for underserved clients and customers.
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