UK credit card management app Cardeo is shutting down after failing to secure additional investment to sustain its operations.
Founded in 2020, Cardeo utilized open banking data to help users manage and consolidate their credit card debt. The app allowed users to set repayment goals and receive reminders for upcoming monthly bills. The company generated revenue by offering credit lines with lower interest rates compared to traditional credit cards.
In a statement on its website, Cardeo announced: “Unfortunately, we have not been able to secure the investment required to continue as a business. Our mobile app will shut down on 9 November 2023.”
Customers are advised to find alternative methods for repaying their credit cards, as payments will no longer be processed through the Cardeo app.