Keel unveils fintech infrastructure business after pivot from neobank

Manchester-based Keel has emerged from stealth after reaching profitability and establishing a growing client base for its Banking-as-a-Service (BaaS) platform across multiple fintech markets. Originally founded in 2019 as consumer neobank Frost, the company combined digital banking services with energy-switching tools and grew its user base to more than 18,000 customers. Following changes in market conditions, the business later shifted its focus toward fintech infrastructure, building on the technology developed through Frost. Over the past two years, Keel has focused on developing its BaaS platform, securing regulatory approval for its new operating model and redesigning its APIs for external use. Its clients include venture-backed fintech companies, regulated financial businesses, and international platforms. Keel’s platform provides multi-currency accounts, virtual accounts, Visa card issuing capabilities across debit, prepaid, and credit products, open banking services, and access to domestic and international payment rails, including Faster Payments, BACS, CHAPS, SEPA, SWIFT, ACH, and Fedwire. Delivered through a single API, the platform also includes integrated compliance tools such as KYC, AML, fraud detection, and transaction monitoring. The company is positioning itself around a more integrated infrastructure model aimed at reducing operational complexity for fintechs seeking to launch and scale financial products. According to co-founder and CEO Paweł Ołtuszyk, Keel prioritised achieving product-market fit and sustainable revenue growth before publicly launching the business. Having previously operated its own fintech product before transitioning into infrastructure services, Keel is positioning itself as a long-term infrastructure partner for fintech companies building financial products at scale.