UK credit card management app Cardeo is shutting down after more than 3 years of existence. According to publically available information, failure to find new investors is listed as the main culprit for the close.
The app was first created back in 2020 as a convenient, streamlined option for managing credit card debt. Specifically, the main idea behind Cardeo was to consolidate consumer credit card debt and allow for easy payments and interest management. Users of the app could set repayment targets and receive alerts when monthly bills were due.
Conversely, the app’s main method of monetization was to offer credit lines with better interest rates than most consumer cards. Though interesting, the app seemingly never really took off among the intended customers.
Cardeo’s official website simply stated that”Unfortunately, we have not been able to secure the investment required to continue as a business. Our mobile app will shut down on 9 November 2023.”
Users who have set up payment plans through the app are advised to make alternative arrangements. Moreover, the app can no longer be used to make payments of any kind. The app’s remaining users will be contacted to resolve any outstanding issues.
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