UK Credit Card Management App Cardeo Shuts Down

Cardeo, a UK-based credit card management app, is ceasing operations due to unsuccessful attempts to secure additional investment.

The Fall of Cardeo

Founded in 2020, Cardeo consolidated consumer credit card debt through the use of open banking data. Users of the app were given the capability to set repayment goals, as well as receive alerts when their monthly bills were due.

Cardeo’s revenue was generated by providing credit lines that offered lower interest rates compared to customer cards. However, the company announced on its website that the necessary funds to continue operations could not be secured. The mobile app ceased operations on 9 November 2023.

Customers Advised to Seek Alternatives

In light of the shutdown, Cardeo has advised its customers to find alternative ways to repay their credit cards. Payments will no longer be accepted through the Cardeo app.