London-based fintech company Flagstone, developer of a cash deposit marketplace, has raised £12 million in a funding round led by OMERS Ventures, with support from existing investors such as Kindred Capital and Moneysupermarket Group, a holding company of various financial service providers.
Attracting businesses and charities as well as individuals, the marketplace provides access to hundreds of cash deposit accounts, some with “market leading or exclusive interest rates”. The accounts come from 44 banks across the UK. The stated benefits are that Flagstone customers can increase their interest income and manage risk through diversification and expanded FSCS protection.
Founded in 2013, the company has “quietly built the runaway market leader in the UK”, according to managing partner of OMERS Ventures, Harry Briggs. The platform is available to all the users of London-based neobank Revolut, as well as wealth management firms and charities. With the new funding, Flagstone hopes to expand within the UK market by breaking into new customer segments.
Image: Flagstone's cash deposit platform