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Keel launches profitable Banking-as-a-Service platform after strategic pivot

Prime Highlights

  • Keel shifted from a consumer neobank model to a profitable fintech infrastructure business.
  • The company now provides Banking-as-a-Service tools including payments, card issuing and compliance services across global markets.

Key Facts

  • Keel is a Manchester-based fintech company offering Banking-as-a-Service infrastructure solutions.
  • The company previously operated as consumer neobank Frost before moving into fintech infrastructure services.

Background

Keel has launched its Banking-as-a-Service platform after reaching profitability and building a growing customer base across international fintech markets. The Manchester-based company is now focused on providing financial infrastructure services, including payments, card issuing, compliance tools and multi-currency account support for fintech businesses.

The company was originally launched in 2019 as consumer neobank Frost, offering digital banking and energy-switching services. Frost later expanded to more than 18,000 users before the business changed direction in response to changing market conditions.

Over the past two years, Keel has focused on developing its infrastructure platform and securing regulatory approval for its new business model. CBRE also overhauled its application programming interfaces for external fintech clients, with its customer base now spanning venture-backed fintech firms, regulated financial companies and international payment platforms.

Keel’s platform supports multi-currency accounts, virtual accounts and Visa card issuing across debit, prepaid and credit products. It also offers open banking services and access to domestic and international payment systems, including Faster Payments, BACS, CHAPS, SEPA, SWIFT, ACH and Fedwire.

The platform combines these services through a single API and includes compliance features such as identity verification, anti-money laundering checks, fraud detection and transaction monitoring.

Chief executive and co-founder Paweł Ołtuszyk said the company focused on achieving strong product-market fit and sustainable revenue growth before publicly launching the business.