I don’t think they’re anything more than a mobile lender. They’re actually quite high on the innovation and cost reduction front, too; they do credit building cards but also virtual only cards (called Bip, iirc)
Edit: just went on a long journey; Cinven Group Limited / Cinven Partners (part of Cinven Group) own NewDay and all of the little subsidiary companies that have that kinda name; it’s largely owned by pension funds as a result of the ultimate group ownership (mainly US/European). They own lots of stuff, not just NewDay