Wagestream Acquires Keebo, Expanding Financial Wellbeing Services

Wagestream, a financial wellbeing app, has purchased Keebo, a credit card startup. Details regarding the financial aspects of the agreement have not been shared publicly.

Wagestream’s Expanding Portfolio

Wagestream was launched in 2018 and has formed partnerships with employers such as Asda, Next, Pizza Express, and the NHS. The app is used by three million individuals to manage their finances, allowing them to select their pay cycle, establish a contingency fund, consult with a financial coach, and save on bills. The acquisition of Keebo will introduce a credit feature to Wagestream’s services.

Keebo’s Unique Credit Approval Method

Keebo uses Open Banking data to approve customers based on their overall financial behavior, instead of solely on their credit score. Over 25,000 UK residents have registered for the Keebo card, which includes a points-based credit limit builder. This helps customers understand and improve their credit over time.

Keebo’s Integration into Wagestream

The Keebo team, including CEO and founder Michael Vanaselja, will join the Wagestream Group. The company’s product and technology will also be integrated into Wagestream’s offerings.

Peter Briffett, CEO of Wagestream, commented on the acquisition, stating that many UK frontline workers struggle to access fairer financial services due to low credit scores. He believes that merging with Keebo, which has an excellent team and a product that is already making credit equitable and accessible for underserved households, is another way Wagestream can improve workplace finance for frontline workers.