Flagstone gains £11m of capital injection for market expansion
London-based cash deposit platform fintech, Flagstone, has raised £11 million in growth capital, reports Martin Whybrow.
Backers include Kindred Capital, Moneysupermarket Group, VentureFounders and a number of private individual investors.
Flagstone’s niche is in providing individuals, wealth managers, SME corporates and charities access to deposit accounts.
Set up in 2013, it now supports more than 550 accounts from 30 banks, spanning tier one players such as HSBC and Santander and challenger banks. It has transmitted more than £3 billion in deposits since 2015. This makes it the UK’s largest cash deposit platform.
The service allows customers to increase their interest income and manage risk through diversification and greater use of FSCS protection. Among others, it is the exclusive cash deposit platform for clients of St. James’s Place, Quilter Cheviot, and Tilney Group.
Co-founder and co-managing partner, Simon Merchant, says: “With £11 million 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.”