In 2021 Allica Bank were presented with an opportunity, which required a significant scale up of its deposit raising activities. Having signed up to Flagstone in Q4 2020 and having already completed six months of successful deposit raising activities, Allica were able to utilise all the distribution capabilities of the leading cash deposit platform in the UK to achieve their goals. Rather than requiring significant internal and organic investment in operations and client servicing, Flagstone represented a key deposit raising partner. Flagstone provided Allica the opportunity to scale up deposit raising activities, outside of utilising the best buy tables in the direct market. As a result of Flagstone’s breadth of distribution in the retail market, it has access to over two million clients through its exclusive retail API distribution channels. This allowed Allica to raise funds far more efficiently, and without having to increase pressure on its internal operational resources.
Furthermore, Flagstone’s distribution into the high net worth space means that its clients tend to distribute their savings across a number of bank partners for FSCS diversification. As a result of this client behaviour, our bank partners are not competing purely on rate, unlike the direct market.
Lawrence Holland, the Head of Savings at Allica Bank commented, "Flagstone has been a key deposit partner for Allica Bank over the past twelve months. Their platform has enabled us to reach the market in a cost effective and scalable way, and they have collaborated well with the Allica team as we continue to grow."
Flagstone has already partnered with Castle Trust Bank, which it expects to launch products with over the next three months and has many more new entrants coming onboard in 2022.
Andrew Thatcher, Co-Founder at Flagstone states, "We are really focused at the moment on new entrants in the savings market. Given our scale and expertise in technology we can support their growth strategies, helping them reach the market in and efficient and cost-effective way. We strip out the cost of onboarding, client servicing and market costs, and ultimately help them raise deposits in a controlled way."
Flagstone is the leading cash deposit platform in the UK, having partnered with over 50 bank and building societies. Our bank panel covers the breadth of the UK market, having high street banks such as Barclays and Nationwide on the platform but also adding value particularly to new entrants into the savings market. Given the advantages that Flagstone can offer, its scale and breadth of distribution channels, and a commercial proposition that does not charge its bank partners any additional fees, it is becoming the cash deposit platform of choice for new entrants into the UK market.
Mark Hicks, Bank Relations Director