Socially responsible financial technology company Cardeo has been recognised as one of the UK’s leading scaleups by the Government funded Tech Nation growth platform. The mobile app maker is one of 30 small businesses to have been selected for the 2021 Fintech programme.
Established in July 2020, Cardeo is developing an open banking powered mobile app that helps consumers to manage their credit card accounts and optimise their repayments. The app helps users to avoid paying unnecessary interest and fees, as well as offering flexible refinancing of existing credit card debt to those who are eligible.
The Fintech programme is funded by the Department for Digital, Culture, Media and Sports, and aimed at accelerating the growth of successful UK scaleups. Run by Tech Nation, the programme, which is in its fourth year, will give Cardeo access to insight and tools that will help it to scale.
Earlier in the year Cardeo raised £2.1m from a funding round focused on taking the Cardeo app to market. Investors include JamJar Investments, established by the founders of Innocent Drinks.
In June 2021, Cardeo was accepted into cohort 7 of the Financial Conduct Authority’s sandbox to test their app in a regulated environment.
Gavin Shuker, Chief Executive Officer of Cardeo said:
“We are delighted to have been invited onto the Fintech 4.0 programme. It will be a great help to us as we look to help UK consumers escape the credit card trap and enjoy a much better deal on their credit cards.”
Katja Palovaara, Fintech programme lead, said of Cardeo and the other Fintech 4.0 companies:
“Many of these fintechs are not only focused on helping people earn more and invest better, but on making the world a better and fairer place. We can’t wait to see what they do next.”
Notes to the editor
- Tech Nation is an accelerator platform for UK fintech companies and is funded by the Government Department for Digital, Culture, Media and Sports. The platform fuels the growth of game-changing founders, leaders and scaling companies so they can positively transform societies and economies.
- The Fintech programme is in its fourth year and already boasts 75 alumni. Other members of Fintech 4.0 include Tymit and Ziglu. The 6-month programme gives companies access to networking events with key stakeholders, peer-to-peer meetups, and insights sessions delivered by established fintech entrepreneurs, investors and partners.
- Research commissioned by Cardeo has established that around 14.5m UK credit card holders pay monthly interest on their balances. (Yonder for Cardeo, November 2021). Open banking brings the possibility of better management of these accounts via a robo-advisor app being developed by Cardeo.
- Cardeo was founded by Gavin Shuker (former Member of Parliament for Luton South, 2010-19), Chris Cheyne (formerly PA Consulting, EY LLP) and John Whittaker (formerly HMRC, Lloyds Register). Other board members are executive chair Dr Ewan Kirk (formerly Goldman Sachs; founder of Cantab Capital Partners) and non-executive director Paul Pester (formerly Lloyds TSB; Santander; Lloyds Banking Group; Virgin Money).
For further information
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