UK Financial App Cardeo Shuts Down
Cardeo, a UK-based credit card management app, is set to cease its operations due to the inability to secure additional investments, leading to financial sustainability challenges.
Having commenced operations in 2020, Cardeo offered a service using open banking data to consolidate consumer credit card debt.
Through the app, users could establish repayment goals and receive timely alerts for impending monthly bill payments.
The company sustained itself by providing credit lines at lower interest rates than those typically charged by customers’ cards.
In an official statement posted on its website, the company expressed its regret, stating, “Regrettably, despite efforts, we have not been successful in securing the necessary investments to sustain our business.
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Consequently, our mobile app will be discontinued effective November 9, 2023.”
The firm has recommended that its customers make alternative arrangements for settling their credit card payments since the Cardeo app will no longer support payment transactions.
Alexander Stefanov
Reporter at CoinsPress
Alex is an experienced finance journalist and a cryptocurrency and blockchain enthusiast. With over five years of experience covering the industry, he deeply understands the complex and constantly evolving world of digital assets. His insightful and thought-provoking articles provide readers with a clear picture of the latest developments and trends in the market. His passionate approach allows him to break down complex ideas into accessible and insightful content. Follow up on his content to be up to date with the most important trends and topics - stay ahead of the curve with CoinsPress.
