London-based cash deposit marketplace Flagstone has scored a £108mn equity investment from US VC Estancia Capital Partners.
In brief:
- Since launching in 2015, Flagstone has expanded to become the UK’s largest cash savings platform by the number of banks and savings accounts on its panel.
- Individual savers, small and medium-sized enterprises (SMEs) and charities use Flagstone to access over 200 savings account offerings available from 60 providers.
- Serving a customer base of over 600,000, Flagstone’s total Assets under Administration stand at more than £11bn, increasing by more than £1bn per quarter in 2023.
What does this mean?
Simon Merchant, co-founder and CEO of Flagstone, said “At a time when funding capacity is down on a global scale, Estancia’s investment and market expertise provides us with the firepower necessary to really capitalise on the opportunities ahead of us, whether those be through organic growth, partnership and acquisitions, and prompt further consolidation of our market leadership position.”
