British fintech company Flagstone has raised £11m from a group of investors to support its growth.
The list of investors includes Kindred Capital, Moneysupermarket Group, VentureFounders and a host of private individuals.
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Flagstone co‐founder and co‐managing partner Simon Merchant 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.”
Flagstone, which was established in 2013, is an FCA authorised and regulated fintech company.
Its online cash deposit platform offers clients with access to around 550 deposit accounts from 30 banks through a single interface.
Its partner banks include HSBC, Santander and multiple challenger banks. The platform is said to have supported more than £3bn in deposits since 2015.
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By GlobalDataFlagstone business caters to individuals, wealth managers, SME corporates and charities. It allows clients to boost their interest income as well as mitigate risks through asset diversification.
The platform also offers consolidated reporting and regular new rate alerts. These features keep the users updated and provide them access exclusive rates from a growing panel of UK banks.
The fintech company is already serving as a cash deposit platform for multiple wealth management firms including St. James’s Place, Quilter Cheviot and Tilney Group.
