Keel unveils fintech infrastructure business after pivot from neobank

The company was originally founded in 2019 as Frost, a consumer-focused neobank that combined digital banking services with energy-switching tools. Frost successfully grew its customer base to more than 18,000 users before changing market conditions encouraged the business to shift its focus toward fintech infrastructure. Building on the technology originally developed for Frost, the company later rebranded as Keel and began concentrating on Banking-as-a-Service solutions.

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Over the past two years, Keel has focused heavily on developing and refining its BaaS platform. During this period, the company secured regulatory approval for its updated operating model and redesigned its APIs to support external clients more effectively. Today, its customer base includes venture-backed fintech startups, regulated financial institutions, and international digital platforms.

Keel’s platform offers a wide range of financial infrastructure services, including multi-currency accounts, virtual accounts, Visa card issuing for debit, prepaid, and credit products, open banking capabilities, and access to domestic and international payment systems such as Faster Payments, BACS, CHAPS, SEPA, SWIFT, ACH, and Fedwire. All of these services are delivered through a single API platform that also integrates compliance features including Know Your Customer (KYC), Anti-Money Laundering (AML), fraud detection, and transaction monitoring tools.

The company is positioning itself as a provider of integrated financial infrastructure designed to reduce operational complexity for fintech businesses looking to launch and scale financial products more efficiently. According to co-founder and CEO Paweł Ołtuszyk, Keel focused on achieving strong product-market fit and sustainable revenue growth before publicly introducing the business.

Having previously operated its own fintech product before transitioning into infrastructure services, Keel now aims to establish itself as a long-term infrastructure partner for fintech companies building scalable financial products and services.

About Keel

Keel is a fintech infrastructure company headquartered in Manchester that specializes in Banking-as-a-Service (BaaS) technology for fintech firms and financial businesses. Founded in 2019, the company originally operated as a consumer neobank called Frost before transitioning into financial infrastructure services. Keel provides businesses with a single API platform that supports multi-currency accounts, virtual accounts, card issuing, open banking services, and domestic as well as international payment processing. Its platform also includes integrated compliance solutions such as KYC verification, AML monitoring, fraud prevention, and transaction screening.