← State of Embedded Finance 2026

Utility Warehouse

“Can a UK multi-utility bundler deepen customer retention and wallet share by embedding a cashback card and insurance layer that rewards consolidation of household services?”

Founded1997
HQLondon, United Kingdom (508 Edgware Road, The Hyde, London NW9 5AB)
IndustryVertical SaaS / Utilities & Home Services
The story

Founded in 1997 as Telecom Plus PLC, a telecom reseller, Utility Warehouse evolved into a multi-utility bundler offering energy, broadband, mobile, and insurance under one monthly bill for over 1 million UK customers. The company's key embedded finance move was launching a proprietary Cashback Card, using PSI-Pay for e-money/BIN sponsorship and Paymentology for card transaction processing — turning everyday spending into savings on utility bills. This cashback card positions UW as a financial services layer on top of its utility base, generating £12M+ per year in cashback rewards and £50M+ in monthly card settlement volume.

Last 12 months
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Product timeline
1997
Founded as Telecom Plus PLC, initially a telecommunications reseller in the UK.· pivot
2003
Rebranded the consumer-facing brand as Utility Warehouse, expanding from telecoms into energy and other utility services.· pivot
2020
Launched PSD2-compliant open banking API infrastructure via Salt Edge, enabling third-party access to UW customer account data.· banking
2020
Launched the UW Cashback Card in partnership with PSI-Pay (BIN sponsorship) and Paymentology (card processing), enabling customers to earn cashback on everyday spending.· card
Regulated entities
Licensed Gas and/or Electricity Supplier
UK (Ofgem)
Utility Warehouse Limited
ICO Data Controller Registration
UK (ICO) · 2017
Utility Warehouse Limited
The stack
Banking / BaaS
PSI-Pay
Card issuing
Paymentology
Open banking
Salt Edge
Accounting gap: none