London FinTech Flagstone raises $15m
by Startacus Admin
London FinTech Flagstone reveals major VC investment news...
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.
%20and%20Simon%20Merchant%20(R)%20Founders%20Flagstone.jpg "Andrew Thatcher")
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.”
Subscribe to our newsletter
If you would like to receive our startup themed newsletter, full of the latest startup opportunities, events, news, stories, tips and advice, then sign up here.
YoungPlanet is an app that aims to 'enables parents to put no longer used children’s things to good use with new families and away from landfill, for free'
Major investment news for the London-based fintech to support its product innovation and ambition to help small businesses thrive across the UK
The Yorkshire-based tech spin-out, FourJaw secures major funding to assist with developing its technological solutions for the manufacturing sector
The lowdown on Jack & Bry, the innovative London-based startup that makes a range of plant-based meats, all from Jackfruit
Week Gen-C is a week long calendar of events focused on entrepreneurship and careers, aimed at helping young people affected by the covid pandemic in the North West of NI
Leading startup community, YSYS launch 4 days of innovative online conversations and a range of new initiatives with the core theme of “Access”
Jean Gamester from Toastmasters International shares her tips on bringing back some of that old normal and staying fabulously virtually connected
Karakuri is a London-based startup that's using robotics to create innovative solutions for the catering sector
Planning to launch a fashion brand this year? Here are a few basic tips that will help you do just that and get your business off to the right start
Bippit is an online platform and app that helps companies to support the financial needs of their employees - not just via their salary
Published on: 1st May 2020
If you would like to enable commenting via your Startacus account, please enable Disqus functionality in your Account Settings.
- Countingup closes £9.1 million Series A investment 3rd Mar 2021 Major investment news for the London-based fintech to support its product innovation and ambition to help small businesses thrive across the UK
- FourJaw’s six figure venture capital boost 1st Mar 2021 The Yorkshire-based tech spin-out, FourJaw secures major funding to assist with developing its technological solutions for the manufacturing sector
- Week Gen-C to offer career and entrepreneurship respite to pandemic-hit youth 1st Mar 2021 Week Gen-C is a week long calendar of events focused on entrepreneurship and careers, aimed at helping young people affected by the covid pandemic in the North West of NI
- #YSYSAccessWeek: Building a diverse, inclusive and accessible tech startup ecosystem 28th Feb 2021 Leading startup community, YSYS launch 4 days of innovative online conversations and a range of new initiatives with the core theme of “Access”
