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'Personalised credit' startup Keebo raises £5 million in seed funding

'Personalised credit' startup Keebo raises £5 million in seed funding

Keebo, a credit card startup that applies Open Banking data and behavioural science to provide a personalised credit line for consumers, has raised £5 million in seed funding.

Set for launch in October this year, Keebo claims to be the only credit card company authorised by the FCA for open banking based underwriting that looks into a customer’s broader financial behaviour and encourages financial wellbeing, beyond simple debt repayments.

The card and associated app is designed to help users to build their credit, whilst also nurturing financial stability. Using the app, consumers get feedback on how every purchase impacts their personal credit score. Every transaction made with a Keebo card - and all linked accounts - feeds into the company’s underwriting technology to give users a rounded view of their spending behaviour.

The £5 million funding round was led by Breega and Connect Ventures. Keebo has also been awarded three technology grants by the UK government for developing its financial modelling, including Innovate UK's Fast Start grant for cutting-edge start-ups. Keebo is also supported by, and launching with, Mastercard.

Rory Stirling, partner at Connect Ventures comments: “Consumer credit is a fundamental and necessary part of our modern society. And yet, accessing consumer credit is broken for millions of people because they have no credit history, or because they’re negatively impacted by generic credit scoring that is outside of their control. We’re excited for Keebo to build a new category of ‘personalised credit’. The combination of behavioural underwriting, and a credit building app, will give each user access to the best credit for their specific situation, whilst also providing real-time feedback on how to improve over time. We love the Keebo mission and have been blown away by what the team have been able to achieve in such a short space of time, including being the first to be regulated by the FCA for behavioural underwriting.”

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