UK-based Fintech agency Flagstone, a developer of one of many largest cash deposit marketplaces within the nation, has secured $15 million (appr. £12 million) in enterprise capital by means of a funding spherical led by OMERS Ventures.
Current buyers Kindred Capital and Moneysupermarket Group plc additionally took half in Flagstone’s funding spherical.
Established in 2013, Flagstone has been increasing its operations, to be able to change into a key participant within the UK’s cash deposit platform market. The corporate has reportedly transmitted over £5 billion in whole deposits since 2015.
As talked about in a launch shared with Crowdfund Insider, Flagstone presents entry to a whole lot of cash deposit accounts to people, wealth advisors, companies and charities within the UK.
Most of the Fintech firm’s cash deposit accounts include aggressive or “exclusive” rates of interest, the discharge famous. It added that the charges are from 44 banks which embrace main establishments such HSBC and Nationwide, and a number of other banking challengers.
As defined within the announcement:
“Flagstone’s cash deposit marketplace enables clients to increase their interest income and manage their risk through diversification and greater use of FSCS protection.”
Flagstone presents its cash deposit platform to clients of digital financial institution Revolut within the UK. The corporate additionally serves because the “exclusive” cash deposit platform for purchasers of Charities Help Basis, St. James’s Place, Quilter Cheviot, Tilney Group and a number of other different wealth managers.
Simon Service provider, co-founder and co-managing associate at Flagstone, remarked:
“This new financing will support the acceleration of our plans to extend our penetration of the UK market to new customer segments.”
Harry Briggs, managing associate at OMERS Ventures in London, acknowledged:
“In these uncertain times, everyone – households, small businesses, charities – is anxious about cash, and Flagstone helps people make their money work harder for them at the click of a button.”
