UK Cash Deposit FinTech raises £11m to drive growth

UK Cash Deposit FinTech raises £11m to drive growth

PRESS RELEASE

London based FinTech, Flagstone, developer of the UK’s largest cash deposit platform which provides clients with access to over 550 deposit accounts from 30 banks through a single application, has raised £11m in growth capital from investors including Kindred Capital, Moneysupermarket Group plc, VentureFounders and a number of private individual investors.

Flagstone was founded in 2013 and has grown rapidly to become the leader in the UK cash deposit platform market having transmitted more than £3bn in deposits since 2015. The business provides individuals, their wealth managers, SME corporates and charities with access to more than 550 deposit accounts, many with market leading or exclusive interest rates, from 30 banks including high street names such as HSBC and Santander as well as a host of challenger banks, enabling clients to increase their interest income and manage their risk through diversification and greater use of FSCS protection. Flagstone is already the exclusive cash deposit platform for clients of St. James’s Place, Quilter Cheviot, Tilney Group and many other leading wealth management firms.

Simon Merchant, Co‐Founder and Co‐Managing Partner of Flagstone, said:
“With £11m of growth capital we are now well‐positioned to expand our business and provide more clients with a simple way to maximise the interest income on their cash and at the same time become an increasingly valuable funding partner to our banks.”

 

NOTES TO EDITORS

About Flagstone:

Flagstone is an FCA authorised and regulated fintech company (FCA reference numbers 676754 and 605504) located in London and founded in 2013. Flagstone’s online cash deposit platform enables companies, charities and individuals to earn more interest and reduce risk through diversification. Completion of a single application gives the client access to over 550 deposit accounts from 30 banks and enables them to research and open multiple accounts in a matter of key strokes. The platform puts clients in control of their cash, giving them access to market‐leading and exclusive rates from a growing panel of UK banks, consolidated reporting and regular new rate alerts to ensure that their cash is working as hard as possible for them 24/7. For more information, see www.flagstoneim.com or watch a short video explaining what we do and how it benefits clients at www.flagstoneim.com/video

About Kindred Capital:
Kindred Capital is a seed and early stage venture capital investor, focusing on European technology companies. Based in London, Kindred invests in entrepreneurs building globally ambitious businesses. Kindred’s portfolio includes Kalo, Paddle, Five.ai, LabGenius and Verve. Kindred’s unique Equitable Venture model, of sharing carry with the founders they invest in, has led to over 60 founders co‐owning carry in the fund. For more information, please visit www.kindredcapital.vc

About Moneysupermarket Group:
Moneysupermarket Group is an established member of the FTSE 250 index. Our brands ‐ MoneySuperMarket, MoneySavingExpert, TravelSupermarket and Decision Technologies ‐ together have 13 million active users for whom we provide proactive and personalised services to help them manage, save and grow their money.

In 2018, we helped millions of families save an estimated £2.1bn on their household bills including insurance, energy, credit cards and loans, travel and TV and broadband.

Moneysupermarket.com Financial Group Limited is authorised and regulated by the Financial Conduct Authority (FCA FRN 303190) for the insurance, mortgage and consumer credit products it offers. For energy products, MoneySuperMarket is accredited under the Ofgem Confidence Code.

About VentureFounders:
VentureFounders is one of the UK's leading investors in high growth B2B and B2B2C technology companies with over 90 investment rounds completed in the last four years. It was founded by James Codling in 2013, following his 18‐year career in Private Equity and launched in 2014. VentureFounders' USP is that it gives High Net Worth and Sophisticated investors direct access to venture investment opportunities, on the same terms as the lead investors. Its experienced senior executive and investment   team   has   been   responsible   for   backing   34   high   growth   technology companies including Perkbox, Zopa, Hopster, DueDil, Farewill, BioSure, RotaGeek, Brightpearl and Hypaship. The business has dedicated origination efforts and sourcing partnerships with leading venture capital funds, family offices and angel investors. For more information, see www.venturefounders.co.uk

 

For more information please contact:
Simon Merchant – Managing Partner, Flagstone
Email: simon.merchant@flagstoneim.com