The Scoop
Manchester-based Keel, formerly neobank Frost, emerged from stealth as a profitable Banking-as-a-Service (BaaS) platform. They offer multi-currency accounts, card issuing, open banking, and compliance tools via a single API.
The Context
Keel initially launched as Frost in 2019, combining digital banking with energy-switching. Market shifts prompted a pivot to BaaS. The move reflects the growing demand for flexible fintech infrastructure solutions, empowering other companies to build financial products.