Cardeo
Cardeo is a consumer fintech that will transform the UK credit card market for good.
Credit cards are not an effective way to borrow for many consumers. Cardeo is a credit card management app that allows users to hold onto their cards yet save money.
Cardeo helps users to manage their accounts in one place, set goals for repayments, and pay them back in the cheapest way. The app is socially responsible, providing these benefits to users for free.
We generate revenue through a revolving credit facility for our lowest risk users – selected by our sophisticated machine learning model – saving these customers money by paying down their balances.
Significant savings for our customers bring significant revenues for Cardeo: in the first instance we are targeting 1.6m cardholders, worth £1bn in revenue.
Unlike many of its competitors, Cardeo has a clearly defined revenue path. The app creates a direct customer pipeline, with an outstanding customer acquisition to lifetime value ratio. The UK is a ‘Goldilocks market’ for this venture, with US levels of credit card debt serviced in a European open banking framework (PSD2).