UK Cash Deposit FinTech raises $15m to drive growth
London - Friday, 1st May 2020
London based FinTech Flagstone, developer of the UK’s largest cash deposit marketplace, has raised $15m in venture capital in a round led by OMERS Ventures and supported by existing investors including Kindred Capital and Moneysupermarket Group plc.
Flagstone was founded in 2013 and has grown rapidly to become the leader in the UK cash deposit platform market having transmitted more than £5bn in deposits since 2015. The business provides individuals, wealth managers, businesses and charities with access to hundreds of cash deposit accounts, many with market leading or exclusive interest rates, from 44 banks including high street names such as HSBC and Nationwide as well as a host of challenger banks.
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 provides its cash deposit platform to clients of Revolut in the UK and is already the exclusive cash deposit platform for clients of Charities Aid Foundation, 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:
“Raising growth capital from leading investors such as OMERS Ventures is a testament to the strength of our business model and the great work that the Flagstone team does every day to support clients with protecting their cash deposit investments. 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 Partner for Omers Ventures in London, said:
“The Flagstone team impressed us from the start. The founders know this market inside out and have quietly built the runaway market-leader in the UK by addressing systemic issues in the banking system by using smart technology to help empower users to earn more interest income and reduce risk. 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. We are very much looking forward to working with the team.”
NOTES TO EDITORS
Flagstone is an FCA authorised and regulated fintech company 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 hundreds of deposit accounts from 44 banks and enables them to research and open multiple accounts in seconds . 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 by clicking here.
About OMERS and OMERS Ventures:
Founded in 1962, OMERS is one of Canada’s largest defined benefit pension plans, with CAD$109 billion in net assets as at December 31, 2019. OMERS teams work in Toronto, London, New York, Amsterdam, Luxembourg, Singapore, Sydney and other major cities across North America and Europe – serving members and employers and originating and managing a diversified portfolio of high-quality investments in public markets, private equity, infrastructure and real estate.
OMERS Ventures currently manages CAD$2 billion and has made more than 50 investments in disruptive technology companies across North America and Europe. www.omersventures.com.
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.
For more information please contact:
Simon Merchant – Managing Partner, Flagstone