Manchester-based Keel has emerged from
stealth after reaching profitability and establishing a growing client base for
its Banking-as-a-Service (BaaS) platform across multiple fintech markets.
Originally founded in 2019 as consumer
neobank Frost, the company combined digital banking services with
energy-switching tools and grew its user base to more than 18,000 customers.
Following changes in market conditions, the business later shifted its focus
toward fintech infrastructure, building on the technology developed through
Frost.
Over the past two years, Keel has
focused on developing its BaaS platform, securing regulatory approval for its
new operating model and redesigning its APIs for external use. Its clients
include venture-backed fintech companies, regulated financial businesses, and
international platforms.
Keel’s platform provides
multi-currency accounts, virtual accounts, Visa card issuing capabilities
across debit, prepaid, and credit products, open banking services, and access
to domestic and international payment rails, including Faster Payments, BACS, CHAPS,
SEPA, SWIFT, ACH, and Fedwire. Delivered through a single API, the platform
also includes integrated compliance tools such as KYC, AML, fraud detection,
and transaction monitoring.
The company is positioning itself
around a more integrated infrastructure model aimed at reducing operational
complexity for fintechs seeking to launch and scale financial products.
According to co-founder and CEO Paweł Ołtuszyk, Keel prioritised achieving
product-market fit and sustainable revenue growth before publicly launching the
business.
Having previously operated its own fintech product
before transitioning into infrastructure services, Keel is positioning itself
as a long-term infrastructure partner for fintech companies building financial
products at scale.