Sacra estimates that Keep hit $14.5M in annualized revenue at the end of 2024, up from $3.0M in December 2023.

Keep's revenue model centers on interchange fees from corporate Visa card transactions, earning approximately 1.8-2.0% on Canadian business cards with credit limits ranging from $10,000 to $50,000. The company supplements this core revenue stream through interest on deposits, fees from capital advances through Keep Capital, and foreign exchange spreads on multi-currency payment features across USD, EUR, GBP, and MXN.

Keep emerged from stealth in May 2025 with a $79 million USD package made up of $24 million USD in new equity (led by Tribe Capital), a $52 million USD credit facility from CoVenture/Treville, and a $3 million USD venture-debt line from Silicon Valley Bank. That brings its total equity raised to about $28 million USD across three primary rounds since 2021.

Founders Oliver Takach (CEO) and Helson Taveras still hold a controlling stake; Tribe Capital is the largest outside shareholder after leading both the 2023 Series A and the 2025 “Series A-1.” Other backers across the seed-to-A1 continuum include Y Combinator alumni angels and Maple VC. Keep has also secured a $36 million USD warehouse line to underwrite card receivables and working-capital advances.

Keep provides an integrated expense management and corporate spend platform that helps businesses track, manage, and control their financial outflows. Users can issue corporate cards to employees, set spending limits and controls, and gain real-time visibility into company expenses through a centralized dashboard.

The platform connects with existing accounting systems and enterprise software, allowing finance teams to automatically categorize transactions, generate expense reports, and maintain compliance with company policies. Employees can photograph receipts, submit expense claims, and receive instant approvals through the mobile application.

Keep differentiates itself by focusing on user experience and automation, leveraging AI to reduce manual data entry and improve transaction categorization. The platform serves mid-market companies that need more sophisticated controls than basic expense tools but want simpler implementation than enterprise-grade solutions.

Keep operates a B2B SaaS model with embedded financial services, combining subscription fees for platform access with transaction-based revenue from card usage and payment processing. This dual revenue stream approach mirrors successful players like Brex and Ramp, who have built vertically integrated financial platforms.

The company's go-to-market strategy focuses on mid-market businesses that have outgrown basic expense tools but need faster implementation than traditional enterprise solutions. Keep's pricing structure typically includes monthly per-user fees for platform access plus interchange revenue from corporate card transactions.

The business model benefits from network effects as more employees within an organization use the platform, increasing transaction volume and data quality. Keep's focus on automation and AI-driven categorization helps improve margins over time by reducing manual processing costs while maintaining competitive pricing.

Brex has built a comprehensive corporate spend management stack with global card issuing capabilities, focusing on speed of execution and enterprise partnerships. The company's vertical integration strategy allows them to control the entire customer experience while capturing more value per transaction. Ramp has similarly invested in AI-powered expense management tools, using technologies like GPT-4 to enhance transaction processing and customer interactions.

Legacy players in the expense management space include established software providers that focus primarily on expense reporting and reimbursement workflows. These companies typically lack the embedded financial services that modern platforms provide, creating opportunities for integrated solutions like Keep to capture market share through superior user experience and real-time financial controls.

The broader BaaS ecosystem includes platform providers that enable non-financial companies to offer financial products. These platforms compete indirectly by making it easier for other software companies to build expense management features, potentially commoditizing parts of Keep's value proposition while also providing infrastructure that Keep itself might leverage.

Keep can expand beyond basic expense management into adjacent financial services like accounts payable automation, procurement software, and treasury management. The company's existing customer relationships and financial data provide natural entry points for cross-selling additional financial tools that help businesses manage their entire spend lifecycle.

The platform can target larger enterprise customers by adding more sophisticated approval workflows, advanced analytics, and integration capabilities with enterprise resource planning systems. Conversely, Keep can also move down-market to serve smaller businesses with simplified versions of their core platform, similar to how Ramp and Brex have expanded their addressable markets.

International expansion represents a significant growth opportunity, particularly in markets where corporate expense management remains fragmented. Keep can leverage partnerships with local financial institutions and payment processors to offer localized solutions while maintaining their core platform architecture, following the playbook established by other fintech companies expanding globally.

Competitive pressure: The expense management market faces intense competition from well-funded players like Brex and Ramp, who have significant resources to invest in product development and customer acquisition. These competitors' vertical integration strategies and enterprise partnerships create substantial barriers for newer entrants to gain market share.

Regulatory complexity: Operating embedded financial services requires navigating complex banking regulations and compliance requirements across different jurisdictions. Changes in financial regulations or increased scrutiny of Banking-as-a-Service providers could impact Keep's ability to offer integrated financial products or increase operational costs.

Market saturation: The corporate spend management market is becoming increasingly crowded with both established players and new entrants offering similar solutions. As the market matures, differentiation becomes more difficult and pricing pressure may compress margins, particularly if customers begin viewing expense management as a commoditized feature rather than a standalone product.