Manchester-based e-wallet platform Frost has raised £1.1 million in funding and now plans to roll out a new fundraising round in autumn.
Launched in May 2022 by Pawel Oltuszyk and Edyta Sliwinska, the startup aims to help users save time and money through intuitive spending insights and money-saving tools. The company plans to unveil new features, including Google Pay as an additional payment method, and video verification to facilitate the onboarding of new customers.
The company is also working towards its plans to reach net zero carbon emissions. Boosting eco-friendly practices, the company’s physical card is made from recycled plastics. It also claims to offer user insights into the relevant green credentials of different utility providers.
Frost’s funding will help it to quickly gear up for the next stage of growth, enabling the company to take on more developers, as well as providing staff with the tools to further elevate service levels.
Pawel Oltuszyk, co-founder said: “With our first funding round now closed and some amazing investors on board, we’re perfectly positioned to make a real difference to the financial wellbeing of our existing and future customers.”
Andrew Jennings, managing director of Osun Capital, who has now joined Frost as chief strategy officer added: “I invested in Frost for two key reasons: the product, and the founders. From a product perspective, it helps customers to save time and money, allowing them to seamlessly switch household utility providers within the app. As founders, Pawel and Edyta have a proven track record and have personally funded Frost in its entirety from concept until launch – something which is highly unusual in fintech.”