Published: May 12, 2026 at 4:25 pm
A failed neobank based in Manchester has re-emerged as a profitable FinTech infrastructure provider.
In 2024 Frost, which combined digital banking with energy-switching tools, closed all retail customer accounts after five years of operation.
Despite attracting more than 18,000 users and processing tens of millions of pounds in transaction volume, changes in the market forced the business to rethink its future.
At the time, founder Paweł Ołtuszyk told BusinessCloud that it would instead provide its core banking technology and customisable mobile app to other financial institutions in a B2B pivot, and that its staff of 10 would remain in place.
Now the full reinvention of the company into Keel – a Banking-as-a-Service (BaaS) platform shaped by first-hand operating experience – has been revealed.