UK-based cash deposit service Flagstone has received £11m ($14.3m) in funding from investors including consumer financial comparison service Moneysupermarket Group.
Equity investment platform VentureFounders and venture capital fund Kindred Capital also took part in the round, as did several unnamed private investors.
Founded in 2013, Flagstone runs an online platform that allows companies, charities, wealth managers and individuals to diversify their financial options by opening multiple accounts. They can access more than 550 deposit accounts from 30 banks, increasing their interest income in the process.
The company is the exclusive cash deposit platform for investment manager Quilter Cheviot, investment services provider Tilney Group and wealth management firms including St. James’s Place.
Simon Merchant, co‐founder and co‐managing partner of Flagstone, said: “With £11m 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.”