Keel Exits Stealth as Profitable BaaS Platform

Keel began in 2019 as Frost, a consumer neobank combining digital banking with energy-switching tools. Frost attracted more than 18,000 users and processed tens of millions of pounds in transactions before the energy-switching market stalled in 2022 and Britain’s price cap erased its core revenue stream. The Manchester-based company then rebuilt its technology for business clients, a pivot that matters as the BaaS sector faces tougher demands for compliance, resilience and sustainable economics.

Keel emerged from two years of stealth in May 2026, saying it had reached profitability, though it did not disclose earnings. Since signing its first commercial client in 2024, the company has recorded consecutive quarters of revenue growth and added customers in remittance, treasury, property and neobanking, including a Southeast Asian platform serving more than 750,000 users. Its single API provides multi-currency and virtual accounts, Visa card issuance, open banking and access to payment rails including Faster Payments, SEPA and SWIFT.