Keebo partners with Experian to help boost financial inclusion

Open banking powered technology provides a fuller picture of financial information to help ‘credit invisibles’ access affordable credit

10 January 2022: Challenger credit card provider, Keebo, has joined forces with leading global information services company, Experian, in a move to greatly improve access to credit for millions of underserved consumers.

According to research conducted by Experian last year, nearly 5.2 million people in the UK are virtually invisible to the financial system because there is insufficient information about their financial track record for organisations to make informed decisions. These ‘credit invisibles’ find it difficult to access mainstream financial services or have to pay a premium to do so.

Keebo supports freelancers, content creators, innovators and millions of other consumers in the rapidly growing ‘passion economy’1 who fall into the category of ‘credit invisibles’. Traditional financial institutions struggle to support the economic surge of creators, as many of these consumers have limited financial histories on which traditional lending decisions are made. As a result, some creators can find themselves forced into taking finance at high – and potentially unaffordable – interest rates. By using non-traditional data sources, such as open banking data, Keebo can offer their customers access to better credit.

Drawing on Experian’s credit risk, affordability, and compliance services, Keebo conducts robust credit decisioning and affordability checks. Alongside this, Experian's categorisation technology helps Keebo leverage the power of open banking data for credit decisioning to help customers gain access to credit and build their credit overtime with real-time insights. Keebo’s mobile-only onboarding journey can be completed in a matter of mere minutes via the app.

Matthew Hallett, CTO at Keebo said: “We want to give creators access to lower interest, flexible credit, and provide them with the necessary information and resources to build the futures they want. We want to empower freelancers and content creators by unlocking the power of credit. By working with Experian, we are able to increase the number of people we can support, and ultimately help this growing economy build the lives they dream of”.

Paul Speirs, Managing Director Digital Consumer Information at Experian UK&I, said: “We are delighted to be working with Keebo to help more people build their credit. Financial inclusion is fundamental to our business. Our focus is on increasing access to financial services, improving financial literacy and boosting consumer confidence. Access to affordable credit opens the door to opportunities for people to transform their lives and build financial resilience.”

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[1] The passion economy is an economy built around “creators with a purpose”—people who are powerfully motivated to start a brand, business, or community, usually on digital platforms, around a shared passion.

Media contact:

Joe Green, Senior PR Manager, Corporate & Business, UK&I, Experian

Tel: 07812 737 768 / Email: joseph.green@experian.com

About Experian

Experian is the world’s leading global information services company. During life’s big moments – from buying a home or a car, to sending a child to college, to growing a business by connecting with new customers – we empower consumers and our clients to manage their data with confidence. We help individuals to take financial control and access financial services, businesses to make smarter decisions and thrive, lenders to lend more responsibly, and organisations to prevent identity fraud and crime.

We have 20,000 people operating across 44 countries and every day we’re investing in new technologies, talented people, and innovation to help all our clients maximise every opportunity. We are listed on the London Stock Exchange (EXPN) and are a constituent of the FTSE 100 Index.

Learn more at www.experianplc.com or visit our global content hub at our global news blog for the latest news and insights from the Group.

About Keebo

Keebo is the credit card provider for creators to unlock the power of credit and build the futures they dream of. Keebo helps improve access to credit and enables customers build their credit over time through personalised tips and insights. The company was founded by CEO, Michael Vanaselja, and CTO, Matthew Hallett, recently closing a £5m seed equity round led by Breega (backers of Moneybox) and Connect Ventures (backers of Truelayer).

Keebo is launching with Mastercard and has 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.