Financial wellbeing app Wagestream has acquired challenger credit card startup Keebo. Financial terms of the deal were not disclosed.
Launched in 2018, Wagestream works with employers including Asda, Next, Pizza Express and the NHS to enable three million people manage their budgeting, choose their own pay cycle, build up a rainy-day fund, chat to a money coach, save money on their bills.
The Keebo acquisition will add credit access to the mix. Keebo uses Open Banking data to approve customers based on their broader financial behaviour - instead of just their credit score.
More than 25,000 Brits have signed up to the Keebo card, which also has a points-based credit limit builder to help customers understand and improve credit over time.
The firm's product, technology and team, including CEO and founder Michael Vanaselja, will become part of the Wagestream Group.
Peter Briffett, CEO, Wagestream, says: "Many UK frontline workers are locked out of fairer financial services because of low credit scores.
"With a phenomenal team and a product that’s already making credit fair and accessible for underserved households, joining forces with Keebo is another great example of how we can make work more rewarding for frontline workers with workplace finance."