26 October 2022

Press releases

Cardeo gets green light to launch with full FCA authorisations

Cardeo, the AI-powered credit card management app, has received full regulatory approval from the Financial Conduct Authority (FCA) ahead of the app’s full launch.

Already registered with the FCA for the provision of payment services, Cardeo is now authorised and regulated to carry out debt counselling, credit broking and credit lending services.

The expanded range of authorisations will enable Cardeo to advise customers on the cheapest way to repay their credit card borrowing based on their open banking data, as well as to offer eligible customers revolving credit at a lower rate than their cards.

The full regulatory approval comes amid Cardeo’s ongoing campaign for HM Treasury to update existing regulations so consumers have the right to receive account data through a chosen third-party provider (TPP).

Cardeo is spear-heading calls on the Government to step in to force incumbent credit card providers to share data by modernising current regulations, allowing consumers to take full advantage of alternative solutions available from fintechs like Cardeo.

Cardeo could save a typical credit card customer £90 every year through its smart credit card management and automated repayment facility. Recent analysis by Cardeo has found that 60% of incumbent providers are practising data protectionism, and are therefore breaking the law and their obligations under current PSR regulations.

With 14.5 million interest-paying credit cardholders in the UK, the potential savings for consumers in hidden terms and sneaky fees, unnecessary charges, and a lack of competition are enormous and particularly relevant as consumers face a cost-of-living crisis.

Cardeo co-founder and chief executive, Gavin Shuker, commented:

“Getting our final full authorisations is a massive milestone for Cardeo, and sets us up brilliantly for our full launch.
“We’re now able to fully power up the Cardeo app and properly disrupt the credit card market with our innovative money saving technology, offering a lifeline to the millions of underserved consumers who have been left exposed to a lack of competition, and the cost of living crisis.”

Notes to the editor

  1. Cardeo CEO and co-founder, Gavin Shuker is available for interview as required. Details below.

  2. Cardeo is campaigning for the updating of regulation and has written to the regulators to call for a simple change which could lead to customers saving thousands of pounds. Banks costing customers millions by withholding data

  3. The £90 per year saving for a typical customer is estimated from avoided fees and unnecessary interest on a typical £3k balance, benchmarked against a trial in the FCA’s Credit Card Market Study (2016).

About Cardeo

  1. Cardeo is a smart credit card management app that allows users to hold onto their cards yet save money. Users can manage their accounts in one place, set goals for repayments, and pay them back in the cheapest way, allowing them to get out of debt faster.

  2. Cardeo uses open banking and is a proud graduate of Tech Nation Fintech 4.0, the Government backed scaleup programme.

  3. To find out more, explore cardeo.com

  4. Cardeo is registered with the Financial Conduct Authority for the provision of payment services (FRN 940438) and is authorised and regulated to carry out debt counselling, credit broking and credit lending services (FRN 964449).

  5. Cardeo is a registered trademark of Cardeo Ltd, a company registered in England and Wales, number 12512807.

For further information

communications@cardeo.com

The Cardeo Team avatar The Cardeo Team

More Cardeo Press releases

26 October 2022

Cardeo gets green light to launch with full FCA authorisations

12 October 2022

Banks costing customers millions by withholding data

6 October 2021

Cardeo hailed as leading fintech and awarded Government scaleup place

10 June 2021

Cardeo to test credit card manager app in FCA sandbox