Wagestream, the financial wellbeing app, is set to acquire Keebo, in a bid to assert its commitment to improving the financial health of shift and frontline workers in the UK.
Wagestream’s acquisition of Keebo is driven by the desire to expand its financial services offerings to those with thin or limited credit histories. Keebo’s expertise in utilising open banking data for credit decisions aligns with Wagestream’s mission to provide accessible financial solutions to the underserved.
Wagestream Group offers a financial wellbeing app designed to assist shift and frontline workers in managing their finances. It has gained popularity among more than 1,000 employers who subsidize fairer financial services for their employees.
Founded in 2019, Keebo is a credit card challenger that has secured £5.5m in funding. It utilises open banking data to enable lending to individuals who have minimal credit history.
Following the acquisition, Wagestream Group will integrate Keebo’s product, technology, and staff into its operations. This includes the CEO and founder of Keebo, Michael Vanaselja. The move is expected to expand Wagestream’s reach, benefiting over 3 million frontline workers currently using the Wagestream app.
Peter Briffett, CEO and co-founder of Wagestream, emphasizes the importance of this strategic move. He highlights that many of the UK’s frontline workforce face limited access to fair financial services due to low credit scores. With Wagestream, over 1,000 employers have already taken steps to provide fairer financial services to their employees. The acquisition of Keebo will further enhance these offerings, including assistance in building better credit histories.
Michael Vanaselja, CEO and founder of Keebo, expresses his optimism about the acquisition, stating that it will enable the company to reach an even larger audience, particularly the 3m frontline workers already benefiting from the Wagestream app.
Peter Briffett, CEO and co-founder of Wagestream, claims many of the UK’s frontline workforce are “locked out of fairer financial services because of low credit scores.” He said, “By offering Wagestream, more than 1,000 employers now subsidise fairer financial services for their people, and, soon, help with building up a better credit history will be yet another benefit they can offer.”
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