Keebo announces their beta launch to bring financial inclusion to credit invisibles
Keebo, the new challenger credit card that helps people unlock the power of credit, today announces its beta launch with Mastercard. With a focus on tackling financial exclusion, Keebo 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.
Nearly 5.2 million people in the UK are virtually invisible to the established financial system with no financial track record for lenders to make informed decisions. These ‘credit invisibles’ find it difficult to access mainstream financial services or have to pay a premium to do so. In particular, Keebo recognises the impact that financial exclusion has amongst the “passion economy1”. 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.
Nearly 27% of Gen Zers claim they were turned down when applying for their first credit card and about a third of millennials say they’ve been rejected when applying for credit cards, mortgages and other financial products this year because of their credit score. For this generation of freelancers and content creators Keebo unlocks the power of credit and empowers them to build credit, avoid bad debt and achieve financial wellbeing. Working with a partner who is aligned on their vision of inclusive finance / financial inclusion, Mastercard’s reputation provides Keebo with the trust and credibility that customers look for in a financial service provider.
The beta launch will allow people to download the app and apply for the new credit card. Those who are interested in signing up will be able to get started on the Keebo website.
Keebo will be building a personalised credit future – giving people insight into how every action and transaction they make on their Keebo card and connected accounts, helps them to build their credit. Traditionally, people’s relationship with credit can be a real source of stress and anxiety. But by operating on an open and transparent basis, Keebo can help customers build a better and more positive relationship with credit.
Keebo was founded by Michael Vanaselja (CEO) and Matthew Hallett (CTO) to offer a credit card and mobile app that empowers users to build their credit, whilst also developing financial stability and personal growth. Keebo’s founders are passionate about improving their customers’ financial resilience and helping them establish a more positive relationship with their money.
Michael Vanaselja, CEO and Co-founder comments “We are thrilled to be launching the Keebo beta with Mastercard! With a large number of rejected applications made by people with limited or no UK credit histories, we share the goal to open up credit and bring financial inclusion to those who have experienced unfair difficulty with the current model such as freelancers and content creators through the use of our new underwriting technology. We look forward to using Mastercard’s partner program and expanding our service to more users in 2022.”
“We are delighted to work with partners like Keebo who share our mission of bringing more people into the digital economy,” said Scott Abrahams, Senior Vice President, Business Development & Fintech for UK & Ireland at Mastercard. “Through Mastercard Developers, Keebo gain access to our APIs, solutions, partners and programs through a single point of entry, helping them to build their business at a fast pace.”
 The passion economy is an economy built around “creators with a purpose”—people who are powerfully motivated to start a brand, business, or community, usually on digital platforms, around a shared passion.
For more information, please visit keebo.com
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