“Can a restructured neobank rebuild itself as a profitable, modular BaaS stack for fintechs needing cards, IBANs and multi-currency rails?”
Founded in 2019 as Frost, an energy-switching neobank that grew to 18,000+ customers and processed tens of millions in transactions. When the energy-switching market stalled in 2022, founders Paweł Ołtuszyk and Edyta Sliwinska restructured and rebranded as Keel, pivoting from a consumer neobank to a Banking-as-a-Service infrastructure provider. Keel emerged from stealth in May 2026 as a profitable, Manchester-headquartered BaaS platform offering card issuance, virtual IBANs, multi-currency wallets and payments APIs to fintechs.
Keel discloses Keel (in-house) as its banking provider, according to the Embedded Finance Index 2026.
Keel does not disclose a bank charter of its own; its banking services are provided through Keel (in-house).
Keel's cards are issued through Keel (in-house) on the Visa network.
The Embedded Finance Index 2026 maps 3 layers in Keel's stack: Banking / BaaS (Keel (in-house)); Card issuing (Keel (in-house)); Card network (Visa).
Keel was founded by Paweł Ołtuszyk and Edyta Sliwinska and is founded in 2022, headquartered in Manchester, United Kingdom.
Get a read on where your own stack stands against Keel and the rest of its category — what they built versus bought, which providers they use, and where the gaps in your own strategy and competitive set actually are.